The London Property Market in Spring
Fri 14 Mar 2014
It seems that every year, as soon as the daffodils start to show themselves, the spring market kicks in and things start to get moving. This year is somewhat different. The first two months of 2014, in spite of having to cope with miserable wet weather, saw an extraordinarilyactive and busy market with a limited number of properties coming onto the market. Most properties sold almost instantly, such is the pent up demand.It is not uncommon to be able to show a property to upwards of 30 potential buyers within the first week of marketing and providing it is not totally out of step with the market, we would expect to achieve asking price (and often more) within 10 days of launching the marketing campaign.
This obviously cant continue forever and at the time of writing, contrary to what I thought might happen a month ago, there doesnt appear to be any increase of available property on the horizon. Property prices will, I suspect, continue to rise.
Prices in Prime Central London have roared ahead in the last six months and whilst I thought that our outer prime regions might start to slow, they too have continued to appreciate. Already this year, we have seen substantial price growth across all areas of between 5 and 8%.
There is much comment about whether this is healthy or sustainable. My view is that as things currently stand it is inevitable that London, and not just prime central London, will continue to be a magnet for investment from all areas of the World. We sell to an amazing variety of nationalities however, the vast majority are coming to London to live and work and we alienate them at our peril. Throughout history, London has been a melting pot of different nationalities and the current climate, in my view, is simply more of the same.