High demand from City workers looking spend their bonus cash, overseas buyers and those who have been waiting for the right property to be put on the market has meant that good quality stock is achieving high prices and vendors willing to come to market now are transacting quickly, allowing them to move up in prime Central London areas or downsize away from the capital.
James Hyman, Partner for Residential Sales at property consultants Cluttons, said: "The shortage of good quality, sensibly priced stock has meant vendors are achieving prices far in excess of the asking price.
"Regardless of what is happening in the rest of the market and wider economy, there remain many buyers in prime Central London areas who are willing to pay more for the right property.
"Time is of the essence and now is the perfect time to come to market for buyers and sellers needing to tie up deals quickly at excellent prices."
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