March Market Comment
March Market Comment

Along with the Spring weather, March has brought a sense of renewed confidence to the London property Market. With the days getting longer and the improved climate there is now a lot to be optimistic about. As we head into the spring market for both sales and lettings, we now have a world leading vaccination programme well underway and also an economic focused roadmap set out and backed by the chancellor and the government. All of which will help the businesses starting to reopen and hopefully draw in overseas visitors to the capital.

It’s been a busy few weeks for London property,

Markets have started to pick up across the board following the stamp duty holiday extension announcement, many buyers are really motivated to take advantage. It’s very much a case of fewer buyers on viewings but the ones who are out and about appear very motivated and very serious. Buyers are willing to make offers with confidence and this is driving house prices higher in London.

The mortgage market is also being driven by increased demand and confidence, the availability of mortgages to buyers with 10% deposits has seen over 300 products added by banks and building societies indicating these institutions share buyers confidence and optimism.

More property is now coming onto the market for both sales and lettings with the traditional spring rush no different to any other year. Following the property has come a fresh wave of tenants and buyers and we have seen the numbers of registered applicants increase by around 25% over the last month and over 70% year on year. Rightmove, Zoopla and On the Market are all reporting record weeks for enquiries across their markets.

Tenant numbers are starting to rise, international student have started to return with many of the universities preparing for a physical intake for the second and third quarter of 2021. Again, best in class apartments are leading the field when it comes to shortest time on the market, with a shortage of good family homes and 3, 4 and 5 beds houses and apartments being snapped up almost on first viewing.

Now is the time to get your property ready and get it onto the market to beat the crowd, the key to the spring market is being first, if you can beat the rush you have the best chance to secure yourself a very good tenant or the best buyer before the market starts to get saturated with the maddening crowds.

Things are looking bright, watch this space…

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