Along with the ‘Indian Summer’ came a revival in the sales market after the August lull. We anticipate that the next quarter will be quite telling; we will know fairly quickly whether or not the global financial crisis will impact on the property market here in central London. Early signs show no signs of softening prices, in fact quite the contrary.
We have been extraordinarily busy in the last few weeks with several properties attracting competitive bids and exchanging above their asking prices, more often than not selling to cash buyers. We have no crystal ball but the mess in the Eurozone and the uncertainty in other markets would appear to be playing out well for the prime London property as well-heeled international buyers continue to align their wealth in tangible assets. The price of gold continues to rise and so does the price of central London property, in times of uncertainty bricks and mortar provide security and stability.
On the lettings side companies appear to be less keen to throw their money around and the demand for high-end rental properties and family houses has fallen as fewer senior management people are being relocated into London. As ever there is buoyancy in the market for one and two bedroom flats to rent.
Director – Head of Sales, Mountgrange Heritage
Posted: 24 October 2011