Welcome to my latest London property market comment. The London property market is hotter news than it’s ever been with talk of record price rises and government policies designed to help people onto the ladder.
So how is it on the ground? In 23 years in residential sales, I have never known the market operate like it does at the moment. Prices are rising and there is a bottleneck of buyers, desperate to bag themselves their perfect property. Demand is way outstripping supply, creating a catch 22 and pushing prices even higher.
We are incredibly busy as an agency but on face value it looks like not much is happening. This is because our sales team is operating ‘hand to mouth’. By that I mean that when we receive an instruction, it rarely reaches the open market before being snapped up by one of our database of buyers.
Those of you who rely on the property portals do so at your own peril. You are probably missing out on many of the properties on sale in your desired area – because they never reach the portals. My advice? Make friends with the agents in your area. Only then will you be informed ahead of everyone else and stand a chance of getting a viewing.
The most popular area of the market continues to be between £1-2,000,000, below the additional stamp duty threshold. Fear of the ‘Mansion Tax’ doesn’t seem to be holding buyers back and rightly so. In my view, if the government of the day wants to earn additional revenue from property, wouldn’t a levy on sellers as well as buyers make more sense?
Director – Head of Sales, Mountgrange Heritage
Published in The Resident, November 2013