"Nationally, the ongoing obstacle of mortgage finance for first-time buyers is still suppressing the housing market and thereby house price growth. In London, the picture is rather different. Central London’s housing market operates almost independently from the rest of the country and the capital’s housing market is still enjoying a gradual (and therefore healthy) improvement and house prices are still steadily increasing – rising by 0.3% in October. The supply of housing has improved in the last six months, alleviating the shortages that characterised London’s market a year ago, and drove prices up rapidly. But demand has remained strong. In parts of prime central London, nearly three quarters of purchases are by cash-buyers and so far fewer homebuyers are hampered by the mortgage finance famine that is afflicting the rest of the country.  High end purchases have played a pivotal role in bolstering the market in the Capital, and 39% more properties worth over £1m were sold in August compared to a year ago. With City bonus season on the horizon, and demand remaining robust both from UK and overseas buyers, we anticipate that selling prices (as opposed to merely asking prices) will remain strong and London’s market will continue to buck the national trend in the approach of Christmas."

For further information please contact:

The Wriglesworth Consultancy Dan Pike / James Staunton 0207 427 1400

Marsh & Parsons has been part of the London property scene since 1856. The sales and lettings agent has 14 offices situated in prime positions across central, west and south London.  They have an intimate and extensive knowledge of the area.

Marsh & Parsons are an independent and professional firm with a 'can-do' attitude covering all aspects of residential property.  They aim to establish individual relationships with clients through a business built on energy, agility, professionalism and knowledge. Their business aim is to be the agent who not only understands the local area around their offices better than any other agent, but also to be at the heart of the community.