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London Property Market Update

Despite the clocks going back an hour the property market still has much to look forward .

Some remain cautious with interest rate rises and an election looming in 2015, however the underlying market suggests that the majority are still full of confidence. In October we achieved records for agreed sales, exchanges and completions which given the apparent slow down, shows just how committed those out viewing actually are.

Over the last eighteen months prices have risen enormously, the affordability gap has widened for many, which has naturally slowed the market down but we have seen several properties (priced correctly) still attracting interest from multiple purchasers which has resulted in strong sale prices being achieved.

The UK economy is strong and seeing healthy growth, inflation is low and unemployment is falling at the fastest rate for many years. It was recently reported that if London was removed from UK house price activity, then prices have not increased since 2004. Despite the governments curb on spending, as a nation we are still progressing.

The housing market is being affected by many factors outside of the media including a growing population, longer life expectancy and foreign investment. Although there has been an increase in house building, this is merely scraping the surface in terms of satisfying the growing demand from those to looking to buy and invest.

The UK economy is strong and seeing healthy growth

Low mortgage rates are another reason, there are still many buyers motivated to purchase property in the hope of securing a long term fixed rate. This is definitely an ideal opportunity to sell and trade up, allowing you to see the best return for your money with the luxury of being able to take your time in the home search process in what is a less robust market.

As always we are here to assist you. Our sellers and landlords will continue to receive the support and guidance that we pride ourselves in offering, which in a transitional market, is a must to achieve the very best outcome.

Integrity and service before commission!

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