London is experiencing the strongest buyers’ market in seven years, a leading estate agent in the capital has said.
Douglas & Gordon says it had half the number of buyers across all its offices last month compared with August last year, but double the amount of properties.
James Evans, chief executive of Douglas & Gordon, said: “House hunters should be in no doubt London is experiencing the strongest buyers’ market since 2009.
“Our data from August paints a very clear picture. Last month we had half the buyers across all our offices compared with August last year (down 48% year-on-year), but double the amount of property (up 52%).
“Smart money is taking advantage of the current market and trading up.
“This situation is not likely to last. We’re seeing an increase in number of applicants, number of offers, viewings and offers agreed in September, suggesting confidence is coming back into the market.
“New applicants are up 35% compared with September last year and there is a sense of renewed movement in the market.”
Comments (3)
This story certainly interests us out in the provinces as we are seeing the first signs of a weakening market. We are full of optimism and hoping all will be well and find our strong sellers market return very soon.
All this buyers market talk in London is making us very nervous!
I’ve got 3 offices in west london and prices have already fallen 15% from the peak of summer 2014…..even in 2008/09 they only fell by this level….agree with d&g – great opp for buyers.
To me this means, excess supply, lack of demand…. Over priced housing market! Crash imminent anyone?