London’s property market is in full bloom
Our offices are busier than ever, with buyer and tenant registrations continuing at an excellent pace, and record-breaking prices being achieved on properties in all price brackets.
With the second quarter of the year in full swing and summer on the horizon, the race for space continues. Buyers and tenants are willing to compromise on some points in order to secure the best property for them. We’ve put together a summary from our Sales, Lettings and Corporate Relocations departments to give you an insight into the market right now.
Making sales history
The first quarter of 2022 showed the resilience of the property market despite some economic challenges post-pandemic. Our sales team have seen the full effect of this; Q1 was the second-best ever for sales agreed and we have had a record number of valuations YTD. This is encouraging news for everyone who is thinking of moving.
For vendors, this is fantastic evidence of the property market remaining buoyant despite the recent interest rate rise from the Bank of England. Patrick Littlemore, CEO of Marsh & Parsons, affirmed the market’s resiliency, saying “The rate increase was widely expected and ‘priced in’ to buyers’ plans, so we expect the current high demand to continue into the summer months, further supporting the strong price levels.”
Nearly 9,000 buyers registered with us already this year and sales have regularly exceeded the asking price, we are confident we can find the right buyer for your property at the best possible price.
Strong yields for summer
The lettings market paints a similar picture, with no sign of momentum slowing. Our Prime Central London team secured higher rents on 90% of lets during April alone, and the number of new properties coming to the market have since doubled in May.
With an average of nearly 1000 tenants registering with us each week so far this year and tenancies being agreed at 20% or more than the previous lease, Marsh & Parsons’ landlords can expect market-beating increases. We are also seeing that tenants are more willing to commit to longer leases, meaning landlords can lock in these gains if they act now.
The corporate world is returning to normal
With Q1 now well behind us, one thing is for certain – the corporate market is back. Spring is usually a busy time for our Corporate and Relocation Services team, however this year activity has been turbo-charged with an encouraging number of new international clients returning to the Capital. Meta, Google and JP Morgan are just some of the large enterprises that are entrusting Marsh & Parsons to find homes for their employees. In many cases, tenancies of up to three years are being secured with no break clauses.
Demand continues to exceed supply
Despite record transaction levels, we still have a backlog of tenants and buyers who are searching for the right home. With the summer trend of increased stock starting to emerge, and the resulting choice this brings, there will be more competition in the market for quality purchasers and renters as the year continues.
Our advice is to act now to take advantage of the current favourable situation to secure the best value for your property. If you’re wondering what to do next, contact us today to discuss how you can benefit from this superb market.
If you’re ready to sell your property, click here to book your no-obligation valuation.
If you are looking to let your property, click here to book your no-obligation valuation.
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