Prime London Property Market Comment from The Buying Solution

publication date: Sep 5, 2011
 | 
author/source: Press Release from The Buying Solution
Download

Prime London Property Market Comment from The Buying Solution


Despite the recent financial volatility and uncertain economic outlook, The Buying Solution's London team anticipates a busy autumn for the residential property market in Prime Central London, as the strong appetite to purchase property continues and bricks and mortar is deemed a safe investment.

Philip Selway, Managing Partner at The Buying Solution, says: "Although we have seen a turbulent month with the shocking rioting scenes and the stock market plummeting, the indicators are that the attitudes of the wealthy remain the same; London is a safe place in which to invest in property. It is still deemed secure and stable, and wealthy international families still want to send their children to school here.

"The Prime London market continues to be driven by foreign buyers, with 50% of property priced £2m and above purchased by international buyers in the last year . In particular, Middle Eastern, Indian and Russian buyers are all currently active in the top-end market place. Most of these buyers are seeking a trophy asset, but there is less to purchase as there is no need for those who have bought in the last couple of years to sell - this means it's harder work finding and securing the right property.

"Demand also continues at the lower end of the Prime London market (£1m-£3m), although, there is more stock on the market in secondary locations, and those looking in this price bracket will consider alternative locations (for example, North Kensington instead of Holland Park) in order to secure the house they want.

"There is also more activity on the open market (as opposed to 'privately') as sellers want to test the market. There does still appear to be a gap between the price the vendor wants to achieve and what the buyer is prepared to pay, with vendors and agents trying to push the price per sq ft values up. However, the buyers who are currently in the market are serious, and some are not concerned about paying more in a competitive situation, once they have seen what others are prepared to pay. This does drive prices up - according to the most recent
Knight Frank index (July 2011) Prime London property prices have risen by 9.6% over the last 12 months and are now 35% higher than the post-credit crunch trough in March 2009. We expect that price rises will continue as we head into the autumn market."

READ HERE For Kate Faulkner's latest property market statistics and analysis

NEED HELP FROM THE DESIGNS ON PROPERTY EXPERTS?

Email enquiries@designsonproperty.co.uk for a one of our FREE Property Checklists.

Do you have a property question? GET AN INDEPENDENT ANSWER! ASK US via our PROPERTY FORUM, email enquiries@designsonproperty.co.uk or call 0845 838 1763.

Get a helping hand with our new Making Money from Property Service for just £24.98!

Property expert, Kate Faulkner, has joined forces with B&Q and other industry experts to offer a unique service, where you purchase a ‘property project pack’ that gives you:-
  • An A4 ‘how to’ guide (approx 80 pages), containing Dos and Don’ts, Factsheets, Checklists, Handy Tips and Forms
  • Access to Kate and her team, by phone and email, for any queries you might have during your project.

See the full list of Kate Faulkner's unique Property Services here!


Need help with a property problem? Have a question? Why not call Designs on Property on 01652 641 722 or Contact Us via email.
NALS Conference Chair 2016

Kate's Consumer Portal

Propertychecklists.co.uk

FREE Buy to Let eBooks

Download a copy of our
Buy to Let Show eBooks
for FREEsimply click on
the image below

Buy to Let Show - download our Buy to Let eBook for FREE