Buyer competition in prime Central London fiercer than ever
Sustained domestic and overseas demand for property in prime Central London has caused a further 25% drop in stock levels at the start of this year, reports property consultants, C
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Particular hotspots, such as Chelsea and South Kensington, have seen such strong demand from buyers that deals are being agreed within hours of a property coming onto the market, often after just one viewing.
Furthermore, homebuyers, frustrated by a lack of options, are agreeing to pay a premium 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 in excess of £100,000 above the asking price.
This demonstrates the underlying confidence in the London market, reflecting buyer belief that values will continue to appreciate.
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 onto 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, and those who need to sell this year can expect to benefit from a lack of competition from other sellers, combined with near record levels of buyer interest."
