The London Barometer September 2013
Wednesday, September 11, 2013 by Douglas And Gordon
September 2013 / Sales
“ Demand to buy in D&G land continues to rise, with a 30% increase in comparison to this time last year, as well as a 33% reduction in stock. The majority of activity is clearly taking place in the £350,000-£750,000 and £1m-£2m levels implying on going SDLT/Mansion tax concerns and a desire to invest in buy to let property.
“ The second phase of the Government’s Help to Buy scheme is launching in January and will affect all D&G areas given the threshold is £600,000. This price range is already busy as noted and areas like East Putney, Clapham and Battersea could, unusually, be feeling the benefit of HMG sponsored buyers.
“ Press talk of a boom may be a bit wide of the mark but another year of modest above inflation gains look assured given all of the above.”
Ed Mead, Director
September 2013 / Lettings
“September is prime letting time. However, the number of properties available (particularly in Prime Central London) is providing prospective tenants with a lot of choice. In August, the number of new properties we were instructed to let was almost 30% higher than the same month last year. London’s predominance as a global educational centre continues to attract a growing influx of wealthy international students looking for places to live before university starts. Students have become an attractive tenant type for many landlords as parents are often willing to pay a year’s rent in advance in order to secure a suitable property for their child.
“The rental market is incredibly localised – in D&G land our Managers are on the ground and know what is happening. The dreaded voids can be avoided, if the property is priced correctly and presented as well as it can be. We now offer a dressing service for landlords who may be struggling.
“With all the positive hype in the press about sales values in London continuing to go up and up, with seemingly nothing on the horizon to halt this, landlords are holding onto their investment. Buy to let lending is flourishing, underlining how demand for property investment has surged. However like all investments, landlords must remember that there are rises and falls and therefore rents need to be adjusted accordingly. ”
Virginia Skilbeck, Lettings Director