London’s property market is apparently being flooded with buyers who fear they may have missed the best buying opportunities, following wide reports of rising house prices and a renewed confidence in the market, according to property consultants Cluttons.
The group has reportedly seen a 75% increase in new buyer registrations since July 2008 and a 35% increase since May this year.
Rather than experiencing the usual summer slowdown in the sales market, as the school year ends and buyers and sellers take annual holidays abroad, the Central London market has instead shifted up a gear.
James Hyman, Partner for Residential Sales at Cluttons, said: “We are seeing the complete opposite of a summer slowdown this year, as buyers start to panic that they have missed the chance to buy at the lowest prices. There is a huge pent up demand, with buyers having waited for the last 18 months for the market to bottom – only the lack of stock is currently preventing activity in the Central London market from returning to 2007 levels.
“As the housing market and economic data becomes more consistent with a recovery, Londoners are suddenly buying into the ‘green shoots’ theory and this, combined with the return of bonuses in some businesses, has given buyers a renewed confidence and a ‘feel good factor’ which is influencing their decision to buy.”
Cluttons also said that those who wish to sell are reluctant to relinquish their property until they have found a property to buy, for fear of missing out on price rises and finding themselves priced out of the market. Last year’s trend, of selling and moving into rented accommodation before buying again at a later date, is said to have all but vanished.
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