Press Release: The London property market steers into calmer waters
Thu 29 May 2014
Prices stabilise as the supply of property rises 26% in London since March 2014
In Prime London overall, the number of registered buyers per property has fallen from 24 in January 2014, to 16 at the start of June
Quarterly house price growth in Prime Central London has slowed to 2.1% - half the 4.0% increase witnessed in Q1 2014
In the last month, very little change in property prices, as growth stalls
Peter Rollings, CEO of Marsh & Parsons, comments: "In the past six weeks, we have seen the wind change in the property landscape, restoring a new calm and steadiness to the market. Property prices have plateaued as more property has come onto the market; however demand continues to outweigh supply, in what is still a 'sellers market'. This renaissance of supply is offering buyers more choice than theyve enjoyed in recent months and is also good news for sellers searching for their onward purchase. That said, sellers should be prepared to adapt to these cooling conditions.
"2014 saw one of the busiest starts to the year, and up against such limited housing stock and fierce competition for available properties, buyers were left with very little breathing space. House price rises may have grabbed the headlines this year but double-digit annual increases are not sustainable, and as the market self-regulates itself, sellers and estate agents need to adjust their price expectations accordingly.
"We believe this slowdown in price growth is a healthy and organic development and would urge the government and Bank of England to allow the market to take its natural course. Ramping up interest rates or making mortgages more expensive would be a gross over-reaction, which could harm the wider market outside of the capital, where the story is very different and recovery is only beginning to take shape."
For further information please contact:
The Wriglesworth Consultancy,Neil Mackwood / Emily Barnes0207 427 1403
Marsh & Parsons has been part of the London property scene since 1856. The sales and lettings agent has 20 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.