London property sales during this autumn defied all expectations, producing a record-breaking upsurge in application registrations and agreed sales. An 80% increase in agreed sales this month means that this is the best September in terms of volume and value for an extraordinary 140 years.
Within an atmosphere that has also seen a reduction in the time taken for a property sale, market experts believe that word-of-mouth has helped to spread the idea that now is an excellent time for vendors to think about selling.
Furthermore, more property is expected to become available on the London market in the near future, indicating a shift of power back to the seller. Prices in central areas particularly demonstrate a movement back towards the peak of 2007, which is likely to compel those owning property to take advantage of conditions and go for the sale.
In terms of the rental market, stock levels have plummeted to the lowest of 2009, after an exceptionally busy quarter. There have been few signs of improvement, with a 26% year-on-year decrease in rental supply this September. This evidence supports the general feeling that rents are stabilising, though a continuation of this decrease will lead to inevitable increase in rents for London properties.
Autumn months are often a busy time for the rental market, with families choosing it as a convenient time to relocate due to the start of the new school year, and many graduates moving to London to find work. As such, applicant levels rose by 8% from the previous month, though the end of the year traditionally sees a slowing down and so landlords with property for rent should look to take advantage of buoyant market conditions right now before waiting.
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