London barometer

Director of Douglas & Gordon

MAY was one of Douglas & Gordon’s best months with many sellers agreeing to sell even when their expectations, and sometimes prices, were lowered. The fall through rate was a third of what it was this time last year, proving there are plenty of motivated buyers.

Lack of stock remains a problem with 20 per cent fewer properties available than May last year. However, with average house prices continuing to increase in Q1 and Q2, vendor and buyer confidence appears to be the highest it has been for some time.

The gap between London and the country market continues to entice but if country agents thought that current DFLs (Down from London buyers) were demanding, just wait until some of the long-term homeowners in Holland Park and Notting Hill with big budgets start looking.

Interestingly, enquiries through property portals were down in May, as some buyers are losing confidence in them and are fed up with agents leaving sold stock online. This has increased the number of buyers calling our offices directly and visiting our website.