The London Barometer March 2014
Monday, March 10, 2014 by Douglas And Gordon
March 2014 / Sales
“Offers received in February are nearly double the number recorded this time last year and are at the highest levels seen in over 12 months. This is almost certainly a product of multiple bidding which is particularly prevalent in Emerging Prime markets such as Battersea Park and East Putney.
“With 30% more new instructions compared with February last year and 15% fewer new applicants registering there are suggestions that Prime areas are perhaps cooling a little, and with concerns over the Budget and 2015 election we may see this continue short term. For the moment though it seems demand in Emerging Prime is showing little sign of slowing.”
Ed Mead, Executive Director
March 2014 / Lettings
“Pre Budget nerves could be blamed for the drop in applicant levels on the sales side and it also explains why there has been a 10% rise in the number of people wanting to rent in London, although a lack of sale stock could also be to blame. During February, out of the total number of tenancies which ended, 20% of landlords opted to sell up, with 17% of tenants leaving rented accommodation going on to purchase their own home.
“Next month, the results of the current review of The Redress Scheme for Lettings Agency and Property Management Work will be announced, setting out new regulations for the industry. As a company Douglas & Gordon has always supported greater training and regulation for the lettings market to ensure industry standard service levels and to provide protection for tenants from scams and rogue letting agents.”
Virginia Skilbeck, Lettings Director