The London Barometer September 2011
Thursday, October 06, 2011 by Douglas And Gordon
Sales: September 2011
“Far fewer people are opting to move house as the cost of moving has become prohibitive for many homeowners. With the current economic uncertainty we were expecting lower applicant numbers in September and weíve been surprised by how they have held up.
“We could be at a pivotal point in the market where with rents having increased substantially and mortgages at record lows many people are giving serious consideration again to finding something to buy rather than continue renting.
“The number of valuations is down by 20% year on year and with supply likely to decrease over the next quarter and demand increasing, it appears to be an excellent time to be selling.”
Ed Mead, Director
Lettings: September 2011
“Our stock levels have improved 20% from last year’s all time low, but whilst the number of new applicants coming to the market remains steady the market conditions still favour landlords. This month we have even had a tenant offering on a property without even viewing it, showing the competition in the market for good quality, well located properties.
“Having been tempted by very high sales valuations, many landlords are instructing agents to market their property for sale and to let, on the basis that they will do either/or. Sometimes these expectations are not met and the property is then re-let” “The number of properties being re-let has increased by 35% since September last year which shows , considering potential short term macro economic uncertainty , landlords still see property as a safe place to keep their money.
“One might infer from increasing stock levels and steady applicant numbers that perhaps the pace of rent rises might be lessening.”
Virginia Skilbeck, Director