London Property News

It’s a Seller’s Market in Central London!

Author: Callum Roberts Wednesday, 27 January 2010
It’s a Seller’s Market in Central London!

According to the Office of National Statistics yesterday, the UK is officially out of recession. They used Britain’s GDP for the last three months of 2009 as their measure of economic health, but here at Callum Roberts we use property prices and number of sales as our measure of the economy. And I am happy to report that in the property market in Central London we are seeing signs of green shoots as well.

Since the start of the year we have had more and more buyers come into the office looking for property to buy of all shapes and sizes and at all price points. The problem is that we are running out of properties to offer them. Normally when someone comes in looking for a one bedroom flat in Bloomsbury or Clerkenwell we would have three or four to show them. At the moment we only have one left and it looks like I’ll be getting an offer on that this week as well!

In fact, there has been a significant lack of properties put for sale in Central London in the last couple of months. Generally everyone who had to sell due to a job loss or lack of capital did so at the end of 2008. Most owners in the area can afford to wait until buyers are plentiful and property prices come back up. This means that the few properties which do go on the market tend to sell quickly for close to the asking price. Property prices in several areas have come back up to close to their peak.

However, there are indications that more properties will be coming up for sale in the spring as the UK begins to recover from the recession. If you are a looking to sell your property, now is a great time to put your property on the market as the lack of other properties for sale means demand, and prices, remains high.

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