The London Barometer November 2012

Friday, January 11, 2013 by Douglas And Gordon

Sales: November 2012

Market Comment

"There are 30% fewer [highly saleable] houses coming to the market in London compared to this time last year. This is a result of concerns over the economy and jobs, no other place to put money and expectations of price increases in the £1-2m price bracket. Some looking to move out of London are renting out their houses and renting in the country further exacerbating the lack of stock."

"In contrast, demand from domestic and international buyers is constant and sealed bids are now commonplace for the best quality homes."

"Pension changes are having a long term effect on the property market with many people now viewing it as a better long term bet. Diminishing pensions are also another blow for future first time buyers and the bank of mum and dad may well find they can't afford to help first time buyers in the way they have in the past."

Ed Mead, Director

 

Lettings: November 2012

Market Comment

"The rate at which rental properties are coming to the lettings market is starting to plateau although pressure on prices is still downward.

"Most of the activity is at the lower end of the market as tenants have smaller budgets and are either looking for smaller properties or moving further from the centre of London to find greater value."

"As Christmas approaches we enter the quiet period for the lettings market as fewer tenants want to move at this time of year. However this represents an opportunity for people who are able to move now as there is a good selection of properties on the market."

Virginia Skilbeck, Lettings Director