The London Barometer October 2013
Thursday, October 10, 2013 by Douglas And Gordon
October 2013 / Sales
“Prime Central and Prime South West London continue to be polar opposites with buyers not paying the prices being asked in PCL and buyers chasing prices up in PSW. With stock levels down 35% from last year it’s telling that action in PCL often follows a price reduction, now a common sight. Price rises in PSW are now similar to those seen in PCL 18 months ago with buyers seemingly prepared to pay.
“The announcement of Help to Buy rates below 5% are encouragingly competitive as well as being fee free in some cases, and are likely to drive PSW prices higher as the £600,000 limit buys plenty there. However, bringing the scheme forward to allow money to start coming in January shows how slow the mortgage process is. It needs speeding up to avoid the heartache it causes for many frustratingly waiting for their mortgage offers and worrying about being gazumped.”
Ed Mead, Director
October 2013 / Lettings
“Confidence is running high in the London lettings market following a very busy and productive September. Compared to the same month last year, the number of properties let in D&G land was up 17.5%; the number of tenancies which ended was down 10% – both positive signs.
“Prime Central London, which has borne the worst of the brunt over the last couple of years as far as demand failing to keep up with the amount of available stock and consequent price falls are concerned, seems to have renewed vigour - conditions overall are definitely becoming more favourable as far as landlords are concerned. Kensington & Chelsea in particular are benefitting from late season demand for family houses. After two years of successive falls, prices in some areas have finally started to rise again.
“During September we have seen high levels of activity with the increased take up by tenants helping to cut August’s over inflated property registers by approximately 20%. What is encouraging is that the increased level of activity seems to be carrying on well into October, helping rental values continue to recover and create a more balanced market.”
Virginia Skilbeck, Lettings Director