Where in the past the average buyer could reasonably expect to view upwards of ten properties before making an offer, they are now lucky to find just three or four which match their criteria.
James Hyman, Partner for Residential Sales at Cluttons, said:
"Buyers in Central London are facing a very different market in 2011. We are seeing lots of disappointed buyers who have held off from making an offer in the hope of securing more viewings and consequently missed out on a property they liked. If they see a suitable property, they should act quickly to secure it rather than waiting for more choice to come onto the market.
"Unless homeowners have specific demographic reasons for moving, such as a new job or growing family, there is little incentive to sell currently. Central London property has proved to be the only stable investment throughout the downturn, and fewer and fewer people are willing to relinquish their interest in it."
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