End of year comment (November/December 2009)

October has seen a continued lack of quality stock coming on to the market, and with Christmas in sight it is likely that this will remain the case until the New Year.  Overseas buyers, as we have previously stated, have been a strong driving force in the rising prices which are now reputed to have reached as much as 7.6% as stated by some estate agents.

Potential receivers of city bonuses are beginning to speculate the market, with a view to buying in the New Year once the figures have been released.  There is a general feeling amongst buyers that there might well be an increase of property throughout the market for 2010 which traditionally has been the case. There is very little to indicate that this will necessarily be the case according to the estate agents. With a large majority of estate agents continuously  having to fight for instructions , it is likely that the prices may be inflated  further, and therefore proceeding with caution will be an essential part of considering offering  and purchasing during the first couple of months of 2010.

We hope that outside influences such as a continued fall in inflation, mortgage lending become a little easier, and some recovered equity in property will begin to reassure buyers and are likely to bring more buyers but also more property to the market.

To summarise, it is likely that there will be a continued rise unless there is a deluge of stock to the market , but it is unlikely that this will be at the same rate as we have seen in the last 6 months. Our advice as always,  to proceed with caution ensuring that the correct and professional advice has been sought.

If you would like any advice on purchasing a property in London or would like to have thorough professional and experienced advice and representation on your purchase, please do not hesitate to contact either Adam Keville or Sara Ransom either by e-mail, or on the telephone numbers above.

We would like to take this opportunity to wish our clients and prospective clients a very happy Christmas and a successful New Year.