The London Barometer August 2015
Friday, August 21, 2015 | by George Franks and Virginia Skilbeck
August 2015 / Sales
“As with last month, the market continues to experience a fall in the number of properties for sale with increasing numbers of new applicants keen to buy them. Despite those figures, offers agreed and fall throughs remain on a par with the same time 12 months ago, showing that in spite of reduced stock levels, the number of transactions is holding up, albeit at a low level.
“A quiet year so far coupled with the traditional September spike in buyers indicates that vendors should act now if they want to maximise their chances of selling early in what is a traditionally busy period.
“With competition amongst buyers stronger than ever, we still think registering with an agent to get pre-market offerings is a better idea than relying on portals for news on the latest properties. This also allows applicants to capitalise on the current vendor mentality of requesting an off-market period in which to achieve the best sale rather than going straight to the open market.”
George Franks, Sales Director
August 2015 / Lettings
“Overall stock is at its highest level to date in 2015 and 40% up compared to where it was at the start of this year - in some part buoyed by a quieter sales market.
“It’s a tenants market and many are shopping around for the best property. Competition is fierce so we advise landlords to dress their property to ensure it stands out in an online listing, attracting more tenants.
“Corporate relocations are prolific as the economic recovery gains pace; however, many businesses have ceased relocating families to London due to budget constraints. Funding only singles or couples has driven demand for one and two-bedroom properties while enquiries for large family houses have dropped off compared to last year, forcing landlords to re-evaluate the viability of potential tenants.
“Landlords once shied away from house shares of 20 and 30-somethings, but now realise that they aren’t synonymous with student lets. Economic growth has signalled an influx of graduates, and with first time buyers stepping onto the property ladder later, renting to mature sharers is a lucrative revenue stream on which to capitalise.”
Virginia Skilbeck, Lettings Director