The London Barometer February 2014
Tuesday, February 11, 2014 by Douglas And Gordon
February 2014 / Sales
“Could 2014 finally be the year that homeowners decide to sell and the sales market experiences a resurgence in stock? Our January figures certainly support this as there was a 20% increase in the number of valuations taking place compared to this time last year.
Vendors’ appetites to cash in on the London market may be growing but indecisiveness about whether or not to sell is still proving a stubborn obstacle.
“Transaction times are increasing again and as prices continue to rise, and as a property nears exchange, some vendors are quite rightly questioning whether they are selling it for the correct amount.”
Ed Mead, Executive Director
February 2014 / Lettings
“The spike of sales valuations in January is being partially fuelled by landlords doing their annual valuation and in the case of some landlords, being tempted by substantial capital growth to cash in their asset.
“The extraordinary house price rises and hype surrounding the sales market in emerging prime areas is attracting some landlords to sell as they are anticipating a peak. Just like the stock market, people are trying to call the market to maximise their return.
“Conversely we have also seen an increase in new landlords choosing to rent out their London home rather than selling up because of the fear of being priced out of the London sales market.
“Relocation agents, acting on behalf of corporate tenants, were particularly active in January and the number of searches we dealt with was indicative of a high number of people relocating from overseas to work in London. Corporate tenants typically rent a property in London for two to three years.”
Virginia Skilbeck, Lettings Director