London Property News

Property Market Comment

Author: Callum Roberts Monday, 11 June 2012
With the lack of properties on the market for sale in Bloomsbury, we are finding that prices are surprisingly still edging upwards.

Prices rose by 0.5% month on month across the UK in May (source Halifax) and we have found that any good properties coming onto the market in Holborn, Bloomsbury and the City of London are selling within days. We expect June figures to be similar to May.

Olympic lets has already had an effect on the market place in Bloomsbury and Holborn, with a larger than usual number of properties coming available to let. However most of these lettings are tending to come from Landlords who wish to rent over the Olympic period only.

Camden Council (along with a number of London councils) are insisting that planning consent is approved on any short term lettings, which is in turn having an effect on the amount of properties that are actually going to be available.

May saw that we were being called out on more valuations and it will be interesting to see how many of these properties actually come to market before the Olympic starts and how many of the Landlords who have been considering letting in London in 2012 will actually decide to sell when the games are over?

It will be a race for agents to get as much done as we can before the games start, as we think getting around for viewings will not be that easy. Lets hope that selling what does come onto the market remains easy in the meantime!

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