Wellbelove Quested May Round Up
Nearly all the spring bank holidays are behind us and whilst the wisteria is in full bloom on the stucco terraces, it fails to compete with the marvelous displays at this years RHS Chelsea Flower Show.
The sun is beginning to have some warmth as we move through the spring and traditionally it is now that the property market picks up.
Those tuned into the property wire cannot fail but notice the relentless reporting on the current state of the Prime Central London market with strong arguments being expressed for both the ‘boom’ and the ‘bubbling’.
Having read many reports on both opinions, surely the best experience we can draw upon is our own since after all we are at the coalface of the PCL market.
The word that regularly crops up and appears to be brandished around unforgivingly is ‘frothy’. The majority of agents in PCL will inform you that a ‘frothy’ market is far from the truth and in fact it is the current hyped up daily reports that are putting people off, resulting in stalemate.
In reality prices, albeit high, are reasonable and are far from regularly running to unfounded levels. A report from LCP shows a steady growth in property prices in line with long term trends and as the financial capital of the world, London will always be attractive to oversees buyers especially given the current political unrest in Ukraine.
This scaremongering is keeping purchasers away and vendors are becoming increasingly worried that their properties are not selling; after all as far as the papers say, property is a “hot bed of activity”.
Today thanks to the internet and the easily accessible land registry, buyers are increasingly well informed and carry out their due diligence on local sales figures before submitting an offer. Quite rightly, they will not pay over the odds for bricks and mortar.
Properties are still selling and although it is quiet, people are looking to acquire homes or investments. A recent sale in Eaton Square of a lateral first floor flat that had been completely stripped out achieved over £6,000 per sq. ft. A record sum of money but a cracking purchase for the lucky buyer. This time, the prime location, the favourable address and the property’s potential won. In all the chaos, deals are still being done.
