Due to more stable pricing in the property market, nationwide we have seen a much greater quantity of buyers. Interest in the market has increased remarkably, viewings are likewise picking up, and compared with 2008 offers are up by almost 90%. 2009 is leaps and bounds beyond figures for 2007 and 2008, and is getting better by the quarter…
 
A stark turn in the London property market is restoring confidence to many. Those interested are advised to be opportunistic and assess their options now: the number of buyers has been seen to increase by nearly two thirds compared to last year’s books, whilst previous sales averages are also showing themselves once again. Most importantly, the question of price is answered by increasing figures and higher valuations. It has certainly been a promising 2nd quarter.

This confidence of which we speak, it should be noted, presents itself in the form of competitive bidding - at times spirited, at times aggressive – and last-minute refusals to formalise agreements in order to accept higher offers from elsewhere. It isn’t just the weather heating up.

Despite the competition, there is still a lack of properties for sale in London, to match a strong number of keen buyers ready to buy the right property. The former has additional advantages in that buyers are able to familiarise themselves better with current price ranges. The degree to which improvements to the market are taking place of course will depend on the area of London in mind, however it can be said wholeheartedly and with a buzz that, on the whole, prices and demand are showing signs of being on the up.

Returning equilibrium in the London lettings is also perking up the market. These changes have been quite impressive: Q1 of 2009 showed a reduction of -4.3%, recovering to -0.3% in Q2. As the number of rental properties available decreases, fewer significant price reductions for property for rent are painting a more comfortable picture for landlords in this Q3.

Advice:

Landlords: despite this promising quarter, it is wise to be rational when it comes to asking prices in order to ensure some sort of return on your investments and avoid empty properties.

A word to tenants: particularly in high-demand, exclusive, areas we are seeing at least 3 applications per property. It is advisable not to under-negotiate as you will almost certainly find yourself outbid.

For Hamptons