The London Barometer September 2015
Thursday, September 10, 2015 by George Franks and Virginia Skilbeck
September 2015 / Sales
“Three months on from the General Election, we are witnessing a year on year increase of 20 - 30% in sales agreed, new applicants and new business, as the market realises our forecast from last month of an early autumn spike.
“Prime Central London is taking longer to emerge from its post-election torpor, with the majority of sales activity concentrated south of the river.
“Indeed, 87% of new applicants are registering with our emerging prime offices, despite these areas offering just 75% of total available stock, indicating a steady increase in competition amongst buyers in this traditionally sought after heartland of south and south west London.
“As we edge towards the final quarter of 2015, we will have a clearer picture of the full impact of the election on the market and clarity on whether this year will make a decisive upward swing - and recovery - following the pre-election slowdown.”
George Franks, Sales Director
September 2015 / Lettings
“August is traditionally one of the busiest months in the lettings calendar and this year has been no exception.
“New applicants and stock availability are marginally down compared to 2014, but with a 12% reduction in tenancy ends compared to 12 months prior, the volume of tenancies remains consistent.
“In contrast to sales, Prime Central London is experiencing a high volume of activity with 46% of Douglas & Gordon’s available properties located in these areas. Many tenants are realising the financial advantages of renting compared to buying and paying stamp duty; the prestigious addresses of PCL command less rent over a three year tenancy compared to the tax payable on an equivalent property purchase.
“September is already proving buoyant, signalling a busy conclusion to the third quarter and a market that is thriving in response to a hiatus in sales.”
Virginia Skilbeck, Lettings Director