The London Barometer March 2015
Wednesday, March 11, 2015 by George Franks and Virginia Skilbeck
March 2015 / Sales
“Politics continues to shape the property market as demand falls and supply increases ahead of one of the most divisive elections in generations.
“While the election dominates the mindset of vendors and buyers alike, many are mystified by the implications of the political outcome. The squeezed middle who have already suffered a tough few years are conscious that the outcome of the election could result in further financial hardship.
“Valuations remain consistent with the same period 12 months prior, indicating that the appetite to move amongst vendors is steady. However, 7th May represents a watershed in the property market and many homeowners are awaiting the hue of the next government before releasing their most valuable asset into the public domain.”
George Franks, Sales Director
March 2015 / Lettings
“Despite mortgages being cheaper than ever due to rock bottom interest rates, D&G’s portfolio of currently let
properties is at an all-time high, indicating that society is having to reconsider how we choose to live. The number
of homeowners has continued to fall for the last 8 years as the Private Rented Sector continues to grow – the number of privately rented homes in the UK has more than doubled in the last 20 years from 2 million to 4.1 million.
“The upcoming election in May is causing uncertainty in the sales market and a general mood of caution, with some buyers and vendors hedging their bets before committing to selling or buying. Tenants are obviously staying put for the time being and the number of tenancies that were terminated in February was 20% lower compared to the same month last year. New applicant registrations in February were up by almost 5% and the number of properties available to rent was nearly 10% lower.
“Corporate tenants, in particular families relocating to London from overseas for a few years, now look for properties in a much wider search area than they used to, including the emerging prime areas South of the River. This would have been almost unheard of a decade ago when corporate tenants would not even cross the River.”
Virginia Skilbeck, Lettings Director