Press

The number of properties coming onto the market for sale in central London has risen by 28% in the past six months, a healthy development for the market, according to estate agent Marsh & Parsons. At the same time, buyer demand has remained strong and stable – and registered applicants have risen since March – which is a good indication that activity in the London property market is likely to rise in the coming months.

Peter Rollings, Managing Director of Marsh & Parsons, said: "The rise in supply of homes for sale is a healthy development for the London property market. Last year, we saw galloping house prices in the capital, underpinned by a severe shortage of properties on the market. Buyer demand is still as strong, but there is now a greater balance between supply and demand for properties and this will encourage more activity in the housing market and see house prices rise at a more sustainable pace."

"The CML lending figures for June paint a positive picture and 12 consecutive months of year-on-year growth in home loans shows the market is moving in the right direction. Buyers without a large deposit are still facing significant difficulties in securing a mortgage, but many buyers in the central London property market can afford to put down at least 30%, for instance, which is helping to maintain demand and boost activity.

"Speculation about rising interest rates is mounting in response to higher than expected inflation and more homeowners are now choosing fixed rate deals. However, the coalition government has stressed that low interest rates are crucial for economic recovery and it’s likely the base rate will stay low until at least the middle of next year."

Marsh & Parsons is launching a brand new scheme offering all new buyers one hour of free "handy-man" services when they move in. The London estate agent has teamed up with maintenance company Melchior Gray, who they have worked with for many years, to help buyers in their new homes – carrying out jobs from plumbing in appliances or changing the locks to moving heavy furniture.

Peter Rollings, Managing Director of Marsh & Parsons, said: "Many estate agents forget about the buyer as soon as exchange happens, but the service provided shouldn’t stop the moment they have signed on the dotted line. We wanted to do something a little different for our buyers and who wouldn’t want a little helping hand when they move house? It may be as little as hanging pictures or curtains – but buyers who are moving usually have their hands full at first. Moving home can be a stressful time and we want to make life as easy as possible for buyers in their new homes."

"This latest house price index points to a rise in house prices, but the wider implications are that, for now, the upward pressure on prices is easing. In London, the abolition of HIPs has led to an increase in properties coming onto the market – up 35% from this time last year – and buyer demand has unsurprisingly slackened during the summer holiday period in July and August. Following fifteen successive months of house price growth, the property market in the capital is now pausing for breath. We now expect a calmer period where the momentum in house price inflation slows, but activity will build again from September."