Date Published 30 September 2014
Eventhough we are now into The London Property Autumn market, I have never believed that Summer is a time for Lunches and Admin. While lots of my colleagues around the market believe there's little point in trying to be pro-active in July and August because no-one's around, I have always believed that there are ALWAYS people around, and if no-one else is buying, now would be a good time.
Strangely enough we had one of our busiest summers ever this year. We tied up more sales than expected, did a raft of lettings and took on more stock to replenish the empty shelves. The market was much more active than expected and we are now set for a busy Autumn, which got off to an excellent start, but has tailed off with a reduction in buyer activity.
Pre-election jitters will no doubt creep into the market at some point and Mark Carney (Governor of the Bank of England) will probably come good with his promise to raise interest rates (possibly this side of Christmas?), but, contrary to the market in general, for the time-being we're selling everything in sight and ‘letting our socks off'.
The Autumn market has always been one of the busiest selling seasons of the year and I do hope that this year will prove to be no different. We have seen a slow-down at the top end (£10m plus) and this has trickled down through the rest of the market. Supply levels have picked up, but active buyers are thinner on the ground.
The recent No Vote on Scottish Independence will have no doubt been welcomed by the market in general – a Yes Vote would have had negative effect. Labour's recent commitment to a Mansion Tax will certainly add to pre-election concerns, but if anyone is looking to buy now, there are some excellent properties on the market with some sellers ready to be competitive on price.