Since the start of the financial crisis many towns and cities in the UK have seen the property market fight to keep it’s head above water. With interest rates at an all-time low experts say this is the best time to buy. But the banks have tightened their criteria for lending and finance has become difficult to obtain.
However London is the one exception, The Capitals property market has surpassed expectations.
A recent report by Cluttons the property sales and management company has again re-confirmed that the London Property market is booming and attracting a lot of investment from home and abroad. The report states that strong demand has forced the average house price in Central London to £1.6m which was last seen in the latter part of 2008. With demand at close to record highs and stock levels below 2010 the report sees this trend fueling the market throughout July and August.
One of the partners for residential sales stated “There is so much pent up demand in the market that competition for good property is as fierce as ever. Buyers are telling us they are wary of postponing their search over the holidays in case they miss out and will instead continue to actively look throughout July and most of August.
Ashley Royer a Mortgage Broker from Mortgage Force stated “increase competition for London properties from oversees investors is set to increase as finance becomes more readily available, My only concern is that the Capital will not be able to maintain this level of growth for much longer.”