A robust market as summer trends return
The London property market continues to exceed all expectations in 2022. At Marsh & Parsons we’re experiencing significant growth across our network; receiving more viewing requests, securing excellent prices for our vendors and landlords, while helping applicants find their dream homes.
The summer months have shown signs of seasonal market trends returning, though recent economic and political headlines have left some of our clients wondering what the best course of action is. In this update we summarise what we’re experiencing first hand and where we see the property market heading during the third quarter of the year and beyond.
Hybrid working brings buyers back to the Capital
During the pandemic how city life would rebloom was uncertain. The advent of flexible working had some doubting the future demand for urban property. Fast forward to today and it is safe to say that the lure of metropolitan living never truly faded. “After missing out for so long, people want to be right in the heart of London again” says Georgie Woodhouse, Regional Director.
As people spend more time working from home, we’ve seen particular demand for properties with private outside space. Patrick Littlemore, CEO of Marsh & Parsons, expands on this saying, “the widespread adoption of hybrid working policies has meant that being closer to the office is once again a real benefit for many of us”. As a result, we’re continuing to see the number of applicant registrations rise. Furthermore, the backdrop of interest rate rises has motivated buyers to commit sooner in order to secure current mortgage rates. These factors should sustain demand to underpin prices for the months to come and bring assurance to vendors looking to sell.
Guaranteeing Results
Our teams across London are consistently outperforming our competitors where it matters, achieving significantly higher prices for vendors who have had little success with other agents. A property listed with a competitor received only a handful of viewings despite being on the market for five months. Within four weeks of being instructed, we secured a cash offer over the asking price. During the past three months, we’ve achieved an average of 27 viewings for homes valued at £1.5m and above¹.
Demand remains high
Our Lettings Department has seen applicant numbers at a three-year high across our network. The evidence speaks for itself – with a 171% increase in applicants registering in North London alone², and rents increasing up to 38% in Prime Central London³. This is an optimum time to list your property with Marsh & Parsons, whether you’re a first-time or seasoned landlord.
Our Sales Department has noted more vendors are entering the market with confidence as demand remains high. With buyers expected to become more cautious due to cost of living concerns, we’re expecting price growth to soften towards the end of the year. With the Capital having avoided the frothy extremes of price growth in the past two years and with demand still outpacing supply, our advice is to capitalise on the existing market positivity now.
If you’re ready to sell your property, click here to book your no-obligation valuation.
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[1] Marsh & Parsons internal data, May-July 2022
[2] Marsh & Parsons internal data, May-June 2022
[3] Marsh & Parsons internal data, June 2022
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