19 july 2011
Sales activity in Prime Central London is now approaching that of the 2007 market peak and prices are forecast to rise by an average of 8% this year alone.
Savills Research has forecast that prices will increase by 33 per cent between 2010 and 2015. The expectation of continued growth is causing many domestic homeowners to reinvest in Central London or upgrade their homes rather than moving to the country. As a result of these trends in international and domestic buyer activity, stock levels are falling and will continue to do so.
The lettings market is typically busy for this time of year with family properties leading the way. Supply is down as tenants stay in situ, properties are lost to sales and new tenants come into the market.
This is inevitably pushing prices upward. However, Savills’ specialists are picking up market share thanks to their reputation for high caliber property management and positive relationships with both landlords and tenants.