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Lucky Londoners


9th July 2008 | back to article listings BACK    print this article PRINT

For those people who reside in London, there's plenty of opportunity to enjoy the finer things in life - West End shows, Michelin-starred restaurants, stunning architecture and a rich and diverse nightlife. And now, homeowners based in the capital can sit back and relax in the knowledge that property in London appears to be bucking the overall trend of falling house prices as seen in the rest of the UK. Following news earlier this week from the Chesterton Poll of Polls that annual growth in the city hit 6.4 per cent from the year up until June, one estate agents based in London has released information about property in a number of boroughs in England's burgeoning capital city.

Kinleigh Folkard & Hayward has painted a positive picture of the metropolis in its latest insight into the housing market there. Studying areas such as Bromley, Battersea, Clapham, Earlsfield, Forest Hill, Muswell Hill, Streatham and Surrey Quays, the firm noted the change in the market owing largely to the tightening of credit and fewer available mortgage products. However, the company stated that in Surrey Quays two properties were snapped up within two days of going on sale - not bad for an economy apparently verging on a recession.

Furthermore, houses in Clapham are being sold above their asking price, Kinleigh Folkard & Hayward stated. Katherine Wells, sales manager of the firm's Clapham branch, explained: "On correctly priced properties we’ve had examples of some multiple bids. At the end of June, a two bedroom property in need of refurbishment in a fantastic Clapham Old Town location came onto the market priced at £285,000. The property received five bids within a few days and an offer was accepted at 15 per cent over the asking price. This illustrates that the price that needs to be right in order to attract viewings, offers and buyers.”

Sales manager of the Kinleigh Folkard & Hayward's Bromley branch Simon Smith echoed this sentiment, explaining that buyers are "keen to purchase" properties, but only at the right price. This is of course is always true - a property's value is only what someone is prepared to pay for it. However, Danny Hardy, sales manager of the Battersea outlet, remarked that as the range of mortgage products available to house buyers disappears, some are becoming very "committed" to seeing a completed sale. "Committed buyers are encouraging sellers to open up to negotiation and ultimately they are keeping the market moving," he said.

Thus, it would seem that London is dragging the UK property market up from its current slump. According to Kinleigh Folkard & Hayward, the capital's housing sector appears to be active and buoyant - a good sign for buy-to-let investors who have already enjoyed living the high life with a portfolio routed in this lucky city.


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