DIRECTOR DOUGLAS & GORDON
Q Do you think the Olympics are going to put a brake on the property market and should I withdraw my flat while they’re on?
A It seems to have become fashionable to assume that everything is going to grind to a halt. Whilst this may be true of the traffic in some parts of the capital, I can’t help thinking that if I was a wealthy foreigner (and you have to be to buy the flipping tickets), I’d be bringing a little extra cash in order to investigate the fabled London property market while I was here. As many as a third of the London workforce are being encouraged to work from home during the games but I have a sneaking suspicion we could be busier than we think. This year has not really conformed to type in central London, with macro-economic, geo-political and currency events dictating the speed of the market and not the seasons. With supply still limited, those coming over are most likely to be looking for investment properties, so cheaper one and two bedroom flats are most likely to be of interest. If you own a property that your agent thinks might appeal, I’d gird your loins rather than abandoning the market. I’d certainly be getting three estimates from local agents as to what your property might rent for and I’d make sure my agent quoted that in the listing details and online. Indeed, if you feel your agent is not doing what you want, it might be worth instructing another one as well (preferably with a decent high street presence) to take advantage of increased footfall during the games.