The London Barometer September 2010

Friday, October 01, 2010 by Douglas And Gordon

Sales: September 2010
"We are about two thirds of the way through a sentiment change from a seller's to a buyer's market. With asking prices coming down by circa 10% buyers are beginning to sniff around again and shouldn't be afraid to make bold offers. With seller's unsure, money cheap and something of an inventory overhang it may just be a very good time to buy. Given that in September we saw 33% fewer offers compared to last year we are surprised more buyers aren't taking the plunge. It's not all bad news for sellers though with exceptional new properties coming to the market often attracting multiple bids."

 

Lettings: September 2010
"The lettings market is more competitive than ever with seven people currently fighting for every one property we have on our books. With sales prices stopping dead in their tracks and rents rising every month the market is a perfect storm for buy-to-let landlords. The rise in rent is also being reflected in the majority of rental renewals increasing by between 5% and 10% on average."

"Historically, the desire to own a property in the UK has overshadowed renting; but increasing economic pressure is forcing potential home buyers into rented accommodation, making renting far more acceptable than before."