Demand for residential properties in London's West End is so strong in both sales and lettings that vendors want to put their properties on both markets, according to specialist estate agency LDG.
Partner Ben Everest said: "People who own property in London’s West End have recently benefited from good capital appreciation, and so they find themselves in a very secure position; despite the latest reports that property values on the whole are in decline, prices in the West End are holding firm and the demand for rental property remains consistent.
"The current market is completely opposite to the market that created the 'accidental landlord'. Vendors are not being forced to let because they cannot find buyers; they are opting to let their properties because the rental market is so strong.
"Having owned their properties for a number of years, rental prices can produce attractive yields. Property owners want to try both the sales and lettings market as both are offering good returns – if they opt for the latter; they gain a strong rental income while the value of their property increases further, so it’s a win-win."
July is typically a quiet month on the property market but for LDG, although the quantity of inquiries is lower, the quality is high.
Ben said: "People who make inquiries during July are genuinely serious about wanting to purchase – they are not window shopping. As a result, we are still experiencing a constant stream of exchanges. We have had a number of properties going under offer within a week. For example - we agreed a deal on a two-bedroom penthouse on Lambs Conduit Street for £885,000 just a week after it came onto the market."
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