London market deluged with fearful house buyers

"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."

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, has all but vanished.

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