How much is your London property now worth?
Fri 30 Jan 2015
The London property market in 2014 was one of two halves. The first six months was characterised by a shortage of available property and a huge amount of eager buyers; the highest ratio of potential buyers for any single property that we have ever recorded and as a result, property prices increased exponentially. In April, the Government introduced the MMR (Mortgage Market Review), and everything quickly changed. Inevitably, whilst lenders acclimatised to these new regulations, buyers were caught in the administrative backlog and prices stopped increasing at an unsustainable rate. Indeed, in the last quarter of 2014, prices actually softened slightly. However, sellers were, and still are, blessed with very favourable annual growth.
In my latest video blog, I give a more detailed insight into last years property market, including the effect of stamp duty changes, along with whats happening right now namely, whos currently buying, selling and renting in London. I also give my views on what I believe will happen throughout 2015, which will be an interesting year, given the May General Election. Much of my analysis is based on Marsh & Parsons own research, which is published in a quarterly report available here. There is also an accompanying press release for journalists available here.