Press Release: Steep rise in property for sale signals resurgence in London property market
Thu 26 Nov 2009
The number of London homes being put on the market for sale is rising fast, according to estate agent Marsh & Parsons. In November 2009, the number of instructions received by Marsh & Parsons was 60% higher than in November 2008, following a 57% annual increase in October this year.
The number of properties being put up for sale has shown a steady year-on-year increase every month since July 2009, when instructions rose 4.5% compared to July 2008. The downturn in sales instructions began in May 2008, when properties being placed on the market fell 15%, and continued for fourteen consecutive months. But the growing supply of properties is a clear sign that confidence amongst London homeowners is building and a healthy indication that activity levels in the capitals property market are improving.Peter Rollings, managing director of Marsh & Parsons, which has offices throughout South, West and Central London, commented: "The revival in the UK property market began in London, where demand for has been intense since spring this year. But, until now, there has been a deep imbalance between buoyant demand and a severe shortage of homes for sale, which has propelled house price growth in London far above the UK average. The recent surge in sellers as homeowners in the capital grow in confidence and look to take advantage of rising prices is a healthy development that will bring a greater balance between supply and demand and lead to more sustainable house price growth in the coming months."
In July 2009 (latest available Land Registry data), transactions in London stood at 7,029 - 121% higher than in January 2009, the low point historically.
Peter Rollings adds: "With more properties coming onto the market, the hope is the increased supply will satisfy the huge demand and provide a further boost to transaction levels."
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For further information please contact:
The Wriglesworth Consultancy Tom Urpeth / 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.