The London Barometer November 2011
Thursday, December 15, 2011 by Douglas And Gordon
Sales: November 2011
“Unlike Autumn 2010 this year has seen business stay lively, and looks as if it’ll run right through to Christmas. Just when we thought that stock levels were going to continue to decrease, we have seen a 45% increase in new instructions compared with November last year which implies the Q1 2012 might stay busy as well with London not looking overly affected by Eurozone turmoil yet.
“This is in stark contrast with the country market, where prices are falling, which could present an opportunity for vendors intending to move out to the country. ”
Ed Mead, Director
Lettings: November 2011
“November is always one of the quietest months for the lettings market with lower numbers of applicants looking for rental properties. Set against the current economic climate, tenants are much more cautious when committing to a tenancy without a break clause as the instability in the financial markets has caused a lack of job security whilst rental prices are at an all time high. However tenants coming to the end of their tenancy are staying put and are prepared to pay renewal increases in line with Retail Price Index, causing less movement in the market.
“More properties than expected have come on during November and with demand decreasing as a result of fewer corporate lets, we are expecting rental prices to plateau in December and early 2012.”
Virginia Skilbeck, Director