Musings of a London Property Finder

Following other house price indices, the Land Registry house price index published today, showed that London house prices have risen for the first time in a year.  Many will be hoping this marks the bottom of the market, however we think the main inference for London is that the downward slide in house prices is slowing. 

At this time in the year and from our own experience of the market we would conclude that the market will continue to suffer slightly this year but at a much slower rate than last year.  With six boroughs showing positive house price movement in March, some areas are likely to see a steadying in prices, with little fluctuation for the rest of the year.

House prices in London have actually risen overall, but areas showing increases now, such as the borough of Camden, which includes Hampstead and Bloomsbury, tend to have seen large average price falls recently, giving a slight net price decrease.  Prices in the borough of Camden dropped 4.3% in February but rose 2.1% in March. 

There seems to be some levelling out but each micro-area is experiencing the market differently.  For example prime areas such as parts of Westminster and Kensington and Chelsea were cushioned to the effects of the market for much longer last year than other London boroughs but both have been much more prone to house price deflation over the last 6-9 months. 

In our capacity as Property Finders, we have noticed that whereas all but the most desperate vendors were being very bullish last summer, motivated vendors are now pricing competitively in most areas of prime Central London.

Technorati Tags: Camden house prices, Kensington and Chelsea house prices, London House Prices, london house prices rise, London property finders

Tags: Camden house prices, Kensington and Chelsea house prices, London House Prices, london house prices rise, London property finders

Musings of a London Property Search Agent

Releasing the latest property sold data for February, The Land Registry has likened current London house prices to those of August 2006 – which is not too bad considering country prices have dropped to levels last seen in September 2004. 

Several London boroughs have made monthly gains, led by Islington with a gain in average prices of 1.2%.  However there have also been significant price falls, led by the borough of Camden, which boasts the celubrious districts of Hampstead and Bloomsbury.  Camden prices fell 4.3% in February, down 16% year on year.  Other boroughs showing price falls of 3% or more are led by Greenwich where prices are down 3.9% include   Hackney, Havering, Hillingdon and Haringey.

House prices in Westminster and The Royal Borough fell 2.2% and 2.7% respectively in February and have posted annual average falls of 11.5% and 15.4%.

With regard to green shoots, the Land Registry data shows that the number of transactions has started to creep up, from 33% of the norm to nearer 40%.  Estate Agents have been a bit more positive this year and we have certainly seen more activity.  London property Search Agents are particularly interested in the number of transactions per month and for us, the top end is particularly significant.  The number of London property transactions over £1 million has dropped to by 55% – slightly less than the market as a whole thanks to foreign buyers taking advantage of the currency discounts associated by the fall of the pound.  With the dollar and the euro starting to tumble, hopefully the number of well-heeled Asian buyers wanting a UK base will continue to grow. 

Sadly, there are still people prepared too much for property and we have been outbid on one home where we have had to advise our Client not to match the winning bid, as it is far too high.  Contact the London Property Search Agent to find the right price for your dream home

Technorati Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices

Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices