London sales market update
The summer market is in full swing; the General Election is behind us and although the result was perhaps surprising to some, it may well turn out to be good news for the industry.
“As far as the London property market is concerned, the prospect of a softer approach to Brexit is likely to excite buyers and investors,” says Dexters Managing Director Andy Shepherd.
"We’re finding it’s business as usual this summer, people are just getting on with their lives – moving for jobs, getting married, expanding families, downsizing – irrespective of what is happening at Westminster. Our sales are up 20% compared to the same period last year, we are seeing high levels of activity and we don't see this slowing down. London is robust economically and demand for property is very strong due to a continuing shortage of homes, which we expect to persist over the coming decades".
With over 60 offices across the capital and 28 in Central London, our local experts are highly experienced in their markets and are able to provide clients with the best advice on all aspects on buying and selling within their localities. Our local specialists live in the areas in which they work, so have a deep understanding of the qualities and nuances that make each London area so unique and desirable.
We’ve noticed an uplift in activity in Prime Central London, with properties priced between £10m and £20m generating more interest and viewing appointments from a cross section of nationalities.
This activity has been rippling out to surrounding markets; in Notting Hill and Fulham, for example, we’ve been seeing an average of five viewings per week on individual properties. This is being echoed on the other side of the capital, with buyers and investors enthusiastic about locations within easy reach of the City, including Islington, Hackney, Shoreditch and Clerkenwell.
“We carry out over 25,000 viewing appointments per month for active buyers and tenants keen to find their new London home,” says Andy. “Because we have such in depth knowledge of our local markets, it’s no surprise that over the past year, two-thirds of the properties we sold were to buyers already registered with us.”
It’s not just private buyers who are busy - investors from across the globe are looking to increase their portfolios, whether through acquiring individual properties, entire blocks or build-to-rent schemes.
Our Corporate Lettings and International Relocation teams are receiving 200 enquiries every week from local and international companies and individuals keen to secure property in London’s active and vibrant property market. Andy explains, “There is a strong and well justified belief that prices will double over the coming decade and that such capital growth makes the timing of entry to the market relatively unimportant.”
If you are considering selling your property or would like an update on your local market, we would be delighted to assist. Please click here to make contact with your local Dexters office.