The London property market
"We expect the underlying strength of London's property market to prove resistant to negative economic or political influences", reports Andy Shepherd, Dexters Managing Director. "The first half of the year has seen our offices break all records, despite stamp duty changes and the EU Referendum. We expect to be very busy this summer and produce very good results over the second half of the year."
Strengths of the London property market
* London's unique position as the "World's capital city" based on its language, time zone and attractive lifestyle, creates a strong demand from international buyers, investors and tenants.
* London is the least densely populated major city in the world and hence its appeal is most likely to endure long into the future.
* Strict planning controls continue to restrict the flow of new properties to under half the estimated number needed to keep pace with demand.
* Population numbers in London are growing and are expected to be 9.5 million by 2025 and 11.3 million by 2030.
* Interest rate rises of any significance are not anticipated until at least 2020 and there remains good mortgage availability.
* Investors from the UK and abroad continue to see London as an attractive place to buy and hold on to property.
Andy explains that " buyers and investors both take a long term view when buying London property and so they aren't deterred by short term influences. 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."
Throughout Dexters 28 Central London offices, and over 60 offices across London, the reports are that buyers and investors are jumping in where they see good value, good locations or both. "We are seeing a high demand for property from local and overseas buyers, both owner occupiers and investors - they all say that they feel confident about the market".
There is a shortage of good property and Dexters are on the lookout for more. Derek Fletcher, Dexters Period Houses Director based at the Mayfair showroom was upbeat, "we have seen a rise in enquiries over the past few weeks and we expect that the summer months will see a good number of prime property sales".
Steve Truman, New Homes Director, reported an increase in enquiries in May and with some exciting new developments coming to the market over the summer is anticipating a particularly busy time.
Similarly, Marcus Ward, Director of Dexters Corporate and International Lettings and Relocation Team based in Mayfair, explained that "we are getting over 200 enquires a week for property in the capital and it promises to be an exciting summer".
Across London Dexters is seeing large numbers of tenants from:
* London and International search and relocation agents.
* London based companies and institutions.
* Embassies and government departments.
* Universities and education providers.
Whilst there was an increase in the number of properties available to let in the Spring (many from new landlords), largely these have been rented now; therefore, it is expected that top quality corporate tenants will be competing for the best properties.
As with sales, Dexters is on the lookout for landlords with property to let over the summer - from small apartments to family houses - as it expects to be very busy indeed and running short of stock.
Key facts about Dexters
* Dexters flagship Mayfair office is at 66 Grosvenor Street, London W1K 3JL
* With 28 Central London offices and over 60 offices across London, Dexters is London's leading independent Estate Agency.
* Dexters sells and lets over 12,000 properties a year and works with over 20,000 landlords.
* Dexters 1,200 staff are trained at the company's London Training Academy and Dexters is, unlike the majority of major London Estate Agent a firm of Chartered Surveyors, regulated by the Royal Institution of Chartered Surveyors (RICS).
You can find the contact details of Dexters offices or request a free sales or rental valuation of your property by clicking here.