London new buyer enquiries & new sales instructions Reproduced with the kind permission of the RICS

Our view about London property is similar to his because there has been a great deal of interest and activity from overseas buyers especially in and around London over the last 9 months and there is no sign of this interest slackening off.   Activity at the bottom end of the Central London market has picked up significantly over the last 8-10 weeks as first-time buyers, buy-to-let investors and parents of university students have all re-entered the market seeking bargains.  At the top end, demand is predominantly from overseas buyers or British Expatriates in our experience.  The increase in demand is matched by a shortage of supply in many areas of Central London.  With all the main house price indices showing price increases in many London boroughs over the last month or so, would-be vendors seem keen to wait for the elusive €™bounce€™ which many pundits have been predicting for next year.

Although the Bank of England kept its benchmark lending rate at 0.5% this is an exceptionally favourable rate.  Any prospective buyer would be well advised to investigate their borrowing power thoroughly and consider a return to interest rates of 5 €“ 7% as the Monetary Policy Committee will increase the Bank rate as soon as there is evidence of a recovery .  

 If you are looking for an investment or a new home give serious consideration to your move now as time for a favourable price may be running out.   London Property Search Agents like us are very busy with overseas buyers seeking bargains and the truth of the matter is that whether it is this year or next that we reach the bottom of the market, most people will miss out.

Technorati Tags: House Prices, London Property Search Agents, RICS

Tags: House Prices, London Property Search Agents, RICS

Musings of a London Property Search Agent

After a rather depressing budget yesterday – this morning everyone has an opinion on whether or not the Chancellor is right to predict an end to the recession by the end of the year.  With the news that GDP is forecast to drop by 3.5% the Chancellor is essentially saying that the position at the end of 2009 could be so bad that the only way is up.  It’s hard to see how this will affect property prices.

Some pundits have already predicted an almighty bounce in 2010, with a similar Spring property market to that of 2007, when Property Search Agents had to get buyers in prior to properties being marketed to have a chance of securing them.

Given the preponderance of relatively high asking prices which we discussed on April 20th, see link below, I suspect that although there will inevitably be a flood of buyers to the market, as people realise they have waited too long, any bounce will very much depend on what has happened to pricing in the interim.  So those areas where asking prices are still relatively high or have jumped in comparison with 2007 and sales are going through, will fare much better than areas where there are many vendors keen to sell who have brought prices for the area down overall.  What will be interesting to see, is how fast prices in these areas jump back.  This London property search Agent will keep you informed.

http://www.manseandgarretproperty.com/property/market-news/asking-prices-up-33-in-kensington-and-chelsea

Technorati Tags: affect of recession on house prices, GDP, London property, London Property Search Agents, recession

Tags: affect of recession on house prices, GDP, London property, London Property Search Agents, recession

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