London is currently a buyers’ market, according to leading estate agent Douglas & Gordon.
The agent reports that in August, it had half the number of buyers across all its offices than August last year, but double the amount of properties up for sale.
The number of buyers registered at Douglas & Gordon offices dropped by 48% annually in August, while the number of properties on the market soared by 52%, meaning there’s less competition.
The agent also found that the number of applicants, offers, viewings and offers agreed was also up in September, suggesting that confidence has returned to the London property market.
The Chief Executive of Douglas & Gordon, James Evans, explains: “House hunters should be in no doubt London is experiencing the strongest buyers’ market since 2009.
“Our data from August paints a very clear picture; last month, we had half the buyers across all our offices compared with August last year (down 48% year-on-year), but double the amount of properties (up 52%), meaning there is much more choice in the market for buyers, with less competition.”
He continues: “Smart money is taking advantage of the current market and trading up, so we’re not surprised the Council of Mortgage Lenders has reported the highest level of mortgage lending in August for nine years.
“This situation is not likely to last. We’re seeing an increase in the number of applicants, number of offers, viewings and offers agreed in September, suggesting confidence is coming back into the market. New applicants are up 35% compared with September last year and there is a sense of renewed movement in the market.”
He concludes: “So our message to buyers is simple: Don’t let conflicting stories in the media about the housing market put you off. As London looks set to remain one of the world’s hotspots for property, buy now while you have little competition and good choice.”
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