Fri 21 Jan 2022
Paul Bennett, Director
You would have thought people would be preoccupied with present buying and party planning last December but new figures from one of estate agency’s leading trade bodies has revealed that home movers were not too busy to think about property.
The latest figures from Propertymark showed a record number of house hunters registered with estate agency branches in December 2021. In fact, the 461 number of new buyers was the highest ever for a December month – up 33% when compared to the total seen in December 2020.
The figures lend great confidence to the property market, showing that buyers are not shy at coming forward, even during what are traditionally quiet times for the market. Now it is the turn of sellers to make themselves known. Propertymark’s analysis also found that the supply of properties available for sale continues to fall and this is why London needs more stock.
Any supply and demand imbalance will start to affect how quickly homes sell - and for what price. Offers can be made quickly and perhaps for over the asking price if there is healthy competition. As a result, the general consensus in the property market is that London house prices will rise incrementally during 2022, with bigger increases the further you get into the centre of the capital.
Demand is set to be exacerbated by the relaxing of international travel rules. With the Government dropping many of the testing and isolation requirements for fully vaccinated travellers, we expect there to be an uptick in the number of overseas buyers looking to purchase in London this year.
So where are all the vendors? Behr & Butchoff likes nothing more than matching buyers with London sellers. There is rising demand and we like to show people a variety of properties. London – even down to the specific St. John’s Wood environs – enjoys a property microclimate of its very own and more stock is very welcome by us and by purchasers.
Right now, we are registering buyers with very different requirements. Larger, family homes with three or more bedrooms remain in demand, and private gardens, off street parking and a dedicated ground-floor office are still considered a bonus. The Behr & Butchoff team is, however, starting to notice that city flats are falling back into fashion, with purchasers especially favouring smart, secure and low-maintenance apartments.
Even if you are just curious, please do get in touch. We can provide a free, no obligation appraisal of your property, during which we will tell you its current value and discuss potential buyers who are already waiting for a property like yours.
Don’t forget, there is nothing to pay until your property successfully completes, and we can help find your onwards property too. We look forward to hearing from you.