No summer slowdown expected in Central London
The central London housing market is set to maintain current high activity levels throughout the summer, rather than follow the traditional pattern of a quiet July and August, predicts Cluttons.
The property consultancy released its 'London View: Summer 2011' today, in which it reports that strong demand has driven average central London house values over £1.6 million for the first time since Q3 2008. Buyer demand remains close to record highs, while stock levels are currently over 50% lower than the same period in 2010.
This strong demand looks set to fuel the market over the summer, traditionally a very quiet period for the housing market, with buyers continuing their search over the holidays in fear of missing out on a suitable property. The late Easter holiday this year has also meant that many house hunters who only returned from Easter breaks in May have delayed their summer holiday until the latter part of August, and will continue to house hunt through the summer.
James Hyman, Partner for Residential Sales, said: "There is so much pent up demand in the market that competition for good property is as fierce as ever. Buyers are telling us they are wary of postponing their search over the holidays in case they miss out and will instead continue to actively look throughout July and most of August.
"Domestic buyers also face growing competition from Middle Eastern buyers who have overcome complications in liquidising their assets since the unrest in the Middle East began, and are now actively securing their funds in the Central London property market."