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Busy autumn anticipated for London property market

Andrew Giller, Partner says: “We’ve seen an increase in property coming on to the open market across the board – £1m to above £20m, and most London estate agents are anticipating a busy autumn market.  There are currently a number of international purchasers looking to buy ‘trophy asset’ homes in Prime London, with budgets in excess of £5m.  These buyers consider London a safe place environmentally and economically, so even though the pound is strengthening, we will continue to see such buyers in the market place.

“The £1m – £3m price range is particularly active; we’re seeing a lot of investors, both UK and overseas who want to diversify their portfolios, together with a number of city-professionals who are currently renting and want to purchase now that there is more in the market to buy.  However, there is still uncertainty on property values; a lot of buyers are being cautious when making offers and don’t want to be coerced into competitive bidding.  If the vendor doesn’t accept the offer, buyers are happy to walk away, safe in the knowledge that they will be able to find another suitable property.”

Jemma Scott, head of rental search said:  “The top end of the rental market is fairly quiet, but we’re seeing a steady stream of tenants in the core market (£500.00 – £2000.00 p/w). The requirement for top specification is a ‘norm’ now and location is absolutely key, with a high demand in Central and West London locations but very little on the market.

As such, prices are firm and rising in the core market.  Best bids are currently not unusual for tenants, with prime stock going above asking price. We are seeing existing tenancies renewing at between 5 – 10% as a norm.

“The international schools in London and Surrey are reporting that certain age groups are at full capacity. As a result, some families we are working with are formulating alternative back up plans for both home and school.”

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