The spring 2010 market is likely to be delayed due to the forthcoming election. My advice to those who want to purchase property ahead of the election is to be particularly careful about what you buy, especially if buying for the short term. Property is not as liquid an asset as it once was and buyers should take considered advice to ensure that they are purchasing in the best area and paying a sensible price.
"UK buyers who do not want to compete against international money are best off looking outside the traditional hotspots for international buyers – Mayfair and Knightsbridge – and opting for Kensington, Notting Hill and Bayswater, for example."
Jemma Scott, head of rental search at The Buying Solution, said: "The rental market in London has changed significantly again in the last three months, with estate agents reporting 25-50% less property on the market, forcing prices to harden.
"A year ago, rental prices were around 20% off their peak, now it’s more like 5%. However, tenants are still expecting to be able to negotiate hard. This is no longer feasible and tenants have to act quickly in order to secure the property they desire. Rental yields are at an all time low – around 3.5% – so landlords are less willing to negotiate. There continues to be demand for family rental properties in prime London, so with stock levels lower than usual, prices are likely to plateaux next year."
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