Property Market Set To Be Frenetic Experts Say

According to InsideHousing, June is predicted to be a frenetic month for prime property in London as interest in both the sales and lettings market from buyers in the Middle East, Russia, France and Italy continues.

The property market in prime central London stalled somewhat during April due to the bank holidays and the Royal Wedding, but during May, we saw the market return to its full strength. We now have double the amount of properties for sale than we had in April, a welcome influx as stock levels were depleting, said Richard Barber, partner and head of residential sales.

There is an increasing number of foreign nationals coming to purchase or rent properties in London during May, particularly from Russia, Italy, France and the Middle East. London property appeals to foreign investors because of the continued weakness of Sterling, the expected continuation of capital growth and ever increasing rental yields.

Despite the tight lending criteria, the strong market has resulted in an increasing number of investors showing high levels of interest in properties with development potential and the possibility to maximise square footage. Basement excavations continue to be popular, but buyers are increasingly concerned about ceiling heights and natural light, he added.

He further advised the agents to provide fair and realistic valuations based upon their knowledge of the local market rather than overvaluing simply to gain instructions.

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