It’s five years since the start of the financial crisis and Londoners have seen house prices ‘plummet’, ‘plateau’, ‘edge up’ and this year, ‘boom’. For Londoners, now seemingly used to the financial situation that surrounds them and expecting improvements, its business as usual and transactions and prices are on the up. With access to borrowing still tight, low interest rates have not brought the usual rush of investors to the market but is has brought cash rich buyers from UK and overseas looking for a return and converted latent demand from buyers who have been holding on for the right time to buy.
Over the last six months Edingtons Property Search has helped buyers from as far afield as Dubai, Qatar, Australia and Singapore which is indicative of the International demand helping drive up prices. However, most of our clients are Londoners who have turned to us for help in navigating the fast moving market and to ensure their purchase is both financially sound and concluded quickly and effectively. With limited stock levels and rising prices buyers are finding it hard to find on their own and best in breed properties are selling quickly and often with competitive bidding. We have, this year more than any other of the last five years, encountered more competitive bidding and sealed bids. It is a tough market to buy in and whilst its a sellers’ market, sellers and their agents are choosing their buyers carefully with represented buyers usually winning out over those going it alone as they are regarded as more solid buyers.
The run up to Christmas will likely see similar market conditions and with low interest rates looking set to remain for the foreseeable future prices will continue to rise, favouring sellers and savvy buyers that are able to trade up quickly. Looking further ahead the market sentiment is that the mainstream London market will rise c.20% by 2017.
If you would like to explore how Edingtons Property Search can help you with your move or if you would like to discuss the market in more detail we can be contacted on:
Tel: 020 3638 3561