Beta

EAT

Central London stock levels dive 25% as buyers slug it out

Wednesday 22nd February 2012
Written by Rosalind Renshaw

Stock levels in prime central London are down by 25% on last year, say Cluttons – resulting in ‘extraordinary’ levels of competition.

The firm says that in certain hotspots such as Chelsea and South Kensington, deals are being agreed within hours of a property coming on to the market, often after just one viewing.

Buyers frustrated by a lack of options are also paying well above the asking price in order to secure a home on a specific road.

Two flats Cluttons recently sold on South Kensington’s Onslow Square went to sealed bids, resulting in deals being agreed over £100,000 above the asking price.

Charlie Noel-Buxton, partner for residential sales, said: “House hunters in prime Central London, starved of options, are going to great lengths to secure a property when it comes on to the market, particularly those on the most desirable roads.

“We believe registered demand underestimates the underlying level, with new instructions attracting a rush of applicants who aren’t registering with agents until they see a property they like. It’s a seller’s market.”

(0) Comments

Related News Stories

Demand for property soars as sales stock diminishes
Wednesday 22nd January 2014

Estate Agency Foundation gets new chairman
Wednesday 22nd January 2014

Website developed to drive business to agents
Wednesday 22nd January 2014

'UK now operating two housing markets'
Wednesday 22nd January 2014

Positive growth or house price bubble?
Wednesday 22nd January 2014

Most Read News Stories