The London Barometer May 2011
Friday, June 17, 2011 by Douglas And Gordon
Sales: May 2011
“Judging from Douglas & Gordon’s figures for May, there continues to be a strong appetite from well heeled international and city typeslooking to buy property in London and despite stock levels increasing, demand still outstrips supply so it looks as if prices will continueto rise.
“Although property values in the capital are increasing, there is still a discrepancy between actual values and some rather over inflatedasking prices.
“Moving forward, the property market might benefit from a small change in interest rates, which could bring more people to the marketand create a more mobile market. This would encourage more realistic demands and prices, and perhaps would focus peoples’minds on the fact that they need to make a decision about their future living arrangements.”
Ed Mead, Director
Lettings: May 2011
“We are now moving into a traditionally busy period for the lettings market and we have already seen a 50% increase in applicants fromApril to May this year.
“The continued shortage of properties on the sales market has focused attention onto the rental sector, increasing competition in thelettings market. Across our offices multiple bids on individual properties are becoming much more commonplace and in fact we haveseen this on many of the best properties which are achieving in excess of the asking prices.
“Increasing demand is causing many tenants to take a longer term view about renting and some are becoming more creative to securea tenancy by offering longer tenancies, larger deposits or even paying for six or more months upfront.
“Buy-to-let landlords have been enticed back by the high yields and the extraordinary demand for rental properties in the capital fromthe domestic and international market.”
Virginia Skilbeck, Director
Download the May Barometer here - d&g_may_london_barometer.pdf