Average asking prices hit all time high in London, UK.
London’s sellers have felt bullish enough to market their properties at an average of over £431,013, a new asking price record in the London market. This is obviously not helping the buyers starting out in the capital. The usual, would be buyers in this market are being forced to continue renting. Dominic Swinfield, Managing Director of Belvoir Lettings in Camden has been speaking with a number of tenants and they feel they will never be able to stump up the required deposits to purchase their first time home. Rents have also risen as demand is so high and stock levels are at an all time low.
While we often see monthly fluctuations, the theme this month is for sellers to be asking more in the vast majority of boroughs across the capital and generally asking prices are being achieved. We are also finding more landlords are opting to utilise our full management facilities as tenants are becoming increasingly more aware of their rights and other properties available in the market place. Landlords do not want to lose their precious tenants.
The old style of some rental apartments is definitely on the way out, with competition hotting up to secure the finest tenant, landlords have to now offer contemporary living for a sensible price. The clever landlords present their properties beautifully with nice quality furnishings, neutral wall coverings and some of the fitments you would install in your own home. These details help the agent to let the property and keep the asking price higher than the competition.
If you require any more information on property letting or management, home renovations or rental property styling please do not hesitate to contact Dominic Swinfield on 02071 997733.
Belvoir Lettings Camden
Tel: 02071 997733
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