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Author: Callum Roberts Monday, 15 November 2010

Central London Property Prices Remain Strong

News on house prices in the UK has been something of a rollercoaster over the past twelve months. Overall UK house prices rose in the first half of this year, approaching their pre-recession peaks of 2007 in April and May, before declining sharply over the summer. Now it appears that prices rose slightly in October, with some commentators claiming this only the beginning of a trend which will last well into 2011, while others saying it is only a temporary blip and the overall trend is still down.

However, Central London continues to be one place which does not follow the national trends. Particularly in our key areas of Covent Garden, Bloomsbury, Holborn, Clerkenwell and The City, we have not seen a fall in property prices; in fact a slight but steady rise is more what we are seeing. Property prices in several of our areas have remained close to their peak of 2007 over the past year. This is because there continues to be a significant lack of properties for sale in the area. Once again, most owners in the area can afford to wait until buyers are plentiful and property prices are strong. This means that the few properties which do go on the market tend to sell quickly for close to the asking price.

What we have seen is a shift in the typical buyer. We are seeing fewer first time buyers or buyers who need a mortgage. Cash buyers are getting much larger numbers, some from overseas but many from the UK. While there is significant demand for all types of property, these buyers tend to be interested in higher value properties. As an example, we have had a great deal of interest in the spacious Georgian terrace houses for sale on John Street, Doughty Street, and Great James Street in the past few months.

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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