THE tide appears to be turning in the London market. Prices are levelling off across all parts of the capital after months of falls in central areas and several years of rises in cheaper outer London.
Values have scarcely changed in the last month. The highest increase recorded in Greater London was 0.1 per cent, which is equivalent to £230 on the value of the average property in the region. Falls have been similarly limited. Boroughs such as Richmond and Kensington and Chelsea, which had been very hard hit by the downturn, have seen values stabilise this month.
It is a buyers’ market in most parts of the capital and there are a few buyers around. Activity has picked up noticeably in more expensive areas, albeit from a very low base. Buyers are looking and making offers, but getting those offers through to sales is still proving tricky. Sellers are getting nearer their asking price than they were in the dark days of spring, but in some cases this may be because the asking price has been reduced.
LONDON AGENTS SAY:
There’s a shortage of good-quality property and lots of quality buyers whoa refrustrated by the lack of real choice
KENSINGTON AND CHELSEA
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Plenty of inquiries from new applicants and some sales are being agreed — but usually after some tough negotiations
MAYFAIR AND WESTMINSTER
Buyer numbers are high. They feel that now is a relatively safe and stree-free time to buy
RICHMOND
Homes are taking longer to sell than last year, but there are active buyers who have a good choice of available properties
HACKNEY
Above £350,000 the market is as dead as a dodo. First-time buyers need their hands held, but overall I am confident
LEWISHAM
Buyers are returning: first-time buyers never really disappeared, but now there is more activity in the middle market too
GREENWICH