London Springs Forward
Wed 13 Apr 2011
At the beginning of the year I predicted a 5% rise in London property prices for 2011 and after the end of the first quarter, I can report on average, a 5% increase has already taken place, particularly in the 'house' market.
A growing economy and a handle on the budget deficit has encouraged home buyers to start looking again. With demand so high, and such a lack of new properties coming onto the market, it's no surprise that prices are rising so quickly in some areas of London we are seeing as many as 28 buyers registered for every available property. Incidentally, March was one of Marsh & Parsons best months since the glory days of 2007.
My latest video blog takes a closer look at the market, with predictions for the rest of the year, taking into considering the buy-to-let market, City bonuses and international investors. Additionally, I give details of the London lettings market which is also suffering from a lack of stock and with substantial budgets coming via our Corporate department, the higher end of the market is achieving premium rents. Likewise, our Renewals department are busy talking to tenants, who are looking elsewhere but deciding to stay put when they realise the lack of alternative options and rising rental prices.
As always, I hope you enjoy the video blog and I would love to hear your responses, or views on the property market.
Click here to view the transcript.