Demand for property is still very much greater than supply in Central London with many reasons to be optimistic for the few months ahead
Rightmove have seen a 13% rise in property searches in 2016 with every month from January to July having more visits than the same month in 2015. Rental Stock has seen a 270,000 surge (an increase of 11.6% year on year) and 30% of sales in June were to first-time buyers – the highest level since October last year.
Rob Hill, from Central London’s Residential Estate Agency, Greater London Properties is extremely positive about the future: “The advantages of working in rentals and sales in Central London is we are able to see changes made by external factors like Brexit and Stamp Duty almost instantly and can respond equally as quickly. Adopting a ‘wait and see’ approach is a very traditional method. Agents need to value realistically, something that hasn’t been happening for a long while now. Plus managing Vendors expectations is incredibly important and daily/weekly feedback on viewings including applicants reactions can help achieve this.”
Since Brexit, there has been a noticeable drop-off in the percentage of properties actually going through to exchange however there are buyers out there with the confidence to buy at the right price and the usual investors returning to the market after the summer months. Rob Hill, GLP “Our sales properties that were under offer prior to Brexit and post result had fallen through, have all gone back on the market and been sold within days – 80% of them actually went for higher than the previous offers on the table. It’s an extremely optimistic market in my opinion, for both vendors and landlords alike.”
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