THE LONDON property market is currently faring better than it has all year. Overall prices rose faster in London than in the South East. But closer scrutiny reveals a more fragmented story, with wide variations in supply and demand from borough to borough.
Prices in Wandsworth rose by 0.8 per cent, and in Southwark by 0.2 per cent. The supply of homes for sale in these boroughs has not been great enough to satisfy the growing numbers of buyers — homes in the £500,000-plus bracket are especially hard to come by.
In Camden and in Hammersmith & Fulham, the average property price is more than £300,000, but values fell by 1.1 per cent and 0.4 per cent respectively. Demand is on the increase and, although stock is not yet as scarce, homes are selling at a faster rate than before.
A sensible asking price is still essential, but in general sellers are attracting higher offers. The top-priced properties in desirable areas are even going to competitive bids.
LONDON AGENTS SAY:
There is little urgency. Buyers are thinking: "If a property goes, it goes — another one will come on the market soon"
There is a shortage of property — now it is more of a seller's market. We are making up for a slow market earlier in the year
There's a lot of activity at the top of the market, where homes are even going to best offers
The area around the river is seen as up-and-coming. But we still don't have enough to sell in the middle price brackets
Pricing is crucial and demand for exceptional properties is robust, but we have a shortage of properties over £4 million
Many buyers are City workers with more confidence in the market, but they are faced with a shortage of good stock