Record month in London
January 2014 has been a record month for prime London property, with over a third of houses being snapped up within a fortnight of being put on the market, according to data from Marsh and Parsons.
Almost half of all properties were sold for, or in excess of, the asking price, with the extraordinary conditions being put down to a ratio of supply-and-demand standing at 23 buyers to each property, a four-year high in the market.
This demand is pushing prices higher than ever, with the price of a two-bedroom property in places like Balham, Clapham and Barnes, in outer prime London, rising by almost £100,000. CEO at Marsh and Parsons,
Peter Rollings said: “Now is the time to get a jackpot price on property thanks to a surge of potential buyers entering the market in the New Year.
“These extraordinary conditions have crated a strong seller’s market and one of the best opportunities to sell property in recent years.”
The last four years have seen, however, an average of 10 percent more property becoming available between the months of January and April, a percentage which rose considerably between 2012 and 2013.
If this trend continues to gain pace, it means 18 percent more property could be available on the market by spring this year and Mr Rollings warned: “Conditions like this won’t last.
“Many people believe that the best time to market property is during the busier months of the spring.
“But these sellers could be missing a trick — the increasing levels of property supply at that time of year will dissipate current levels of demand and bring about a return to more normal market conditions in the spring.”