GEORGE FRANKS SALES DIRECTOR
After a two year decline, the lack of available stock on the London sales market has reached a critical level, causing prices to rise further and the house market to stall as homeowners struggle to find properties to move to.
The market is made up of homeowners who can’t afford to move and those who can’t afford not to move as house prices for the best quality homes continue to increase.
Nearly 40 per cent of all our sales in February resulted from multiple offers. Buyers are having to readjust to the new market conditions in order to secure a property and accept that currently it is a very strong seller’s market. Properties achieving over the asking price and going to sealed bids is now commonplace.
As prices continue to increase, there will come a time when it will be cheaper to rent than to buy which might have an effect on demand.
In February, demand continued to increase for properties in areas outside of Prime Central London (PCL) with twice as many applicants to each available property compared with the PCL property market.