Demand is continuing to outstrip supply in Central London, with one firm suggesting there could be reasons for optimism in the capital during the coming months.
Greater London Properties believe that constant demand is giving reasons positivity in the sector.
Rightmove has seen an increase of 13% in property searches during 2016, with the opening six months of the year seeing more visits to the portal than in 2015. Rental stock has also seen a surge of 270,000 properties, a rise of 11.6% year-on-year.
Rob Hill, of estate agency Greater London Properties, expressed his positivity about the future. Hill said: ‘the advantages of working in rentals and sales in Central London is we are able to see changes made by external factors like Brexit and Stamp Duty almost instantly and can respond equally as quickly. Adopting a wait and see approach is a very traditional method. Agents need to value realistically, something that hasn’t been happening for a long while now. Plus managing vendors’ expectations is incredibly important and daily/weekly feedback on viewings including applicants reactions can help achieve this.’
Central London property market optimism remains high
‘Since Brexit there has been a noticeable drop off in the percentage of properties actually going through to exchange however there are buyers out there with the confidence to buy at the right price and the usual investors returning to market after the summer months.’
Our sales properties that were under offer prior to Brexit and post result had fallen through, have all gone back on the market and been sold within days – 80% of them actually went for higher than the previous offers on the table. It’s an extremely optimistic market in my opinion, for both vendors and landlords alike,’ he added.