While the distraction of the Olympics took its toll on speculative buyer demand, sales activity actually improved during the Olympic period, according to the latest figures from London estate agent Marsh & Parsons.
The impact of hosting the Olympics failed to derail London’s sales market, as determined buyers took advantage of quieter streets and roads to secure properties ahead of the traditionally busier month of September. Between the 27th of July and the 12th of August, the number of property sales agreed by Marsh & Parsons rose by 23% compared to the same period last year. The number of sales agreed was also 35% higher than during the same 17 day period in 2010.
The improvement in sales agreed came despite a substantial reduction in the number of buyers registering. In the Olympic 17 days, there were 30% fewer buyers registering than in the same period a year ago. In turn, there was a 22% reduction in the number of viewings compared to last year, with many speculative buyers opting to avoid feared congestion in central London until the end of the Olympics, or distracted by the Games.
Peter Rollings, CEO of Marsh & Parsons, comments: “While many potential buyers were glued to their TVs and seats at venues rather than out viewing homes, London’s housing market didn’t grind to a halt by any means. The traffic chaos and logistical problems feared in the run up to the Games thankfully failed to materialise, and a corps of committed buyers moving with urgency actually took advantage of quieter streets to secure homes. In fact, with roads emptier than usual for this time of year, buyers actively looking to purchase homes ahead of the traditionally busier post-summer holiday period found getting to and from viewings a much smoother process.”
“With the Olympics serving to provide incredible global publicity for London, showing the city in its best possible light, we expect it will have a significant long-term impact on its appeal as a place to live for both domestic and international buyers.”.
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Marsh & Parsons, a multi-award winning estate agent, has been part of the London property scene since 1856. With 16 offices situated in prime positions across central, west and south west London, they have an intimate and extensive knowledge of the area. Marsh & Parsons’ services include residential sales and lettings, property management, new homes, developments & investments, professional surveying and corporate & relocation services.
Marsh & Parsons was acquired by LSL Property Services plc in November 2011, but continues to operate as a separate business, retaining its current management team. A business that is built on energy, agility, professionalism and knowledge, Marsh & Parsons’ business aim is to be the agent who not only understands the local area around their offices better than any other agent, but is also at the heart of the community. They believe that ‘Local know-how’ will achieve ‘better results’ and make the difference for their clients.