An estate agency owned by Foxtons says London’s sales market is now at its busiest since the Brexit referendum in mid-2016.
Douglas & Gordon, snapped up but Foxtons at the end of last year, says volumes have returned to pre-Brexit levels after six very flat years where transactions were as much as 50 per cent below normal.
“The end of the stamp duty holiday hasn’t slowed the market. Today, our under offer pipeline is the largest in six years; buyers are buying” says the agency.
A market snapshot from the agency says the limited stock in the capital is that there has been little impetus to sell.
“Over six years, we have not seen prices rise. Investors and homeowners are waiting for their moment. Why would you sell if the prices are rising and the rents are the best they have ever been? There is no panic. There is no rush to sell. Simply property owners will only sell if there is a better investment to put their money into” claims D&G area director Warren McCann.
He says prices in the capital are now due a rise “and I don’t think that property will increase in small increments.”
McCann also claims rents have soared by up to 40 per cent in popular areas as Londoners have returned to offices.
He continues: “The upward shift in rental cost has pushed more people to rethink the amount of money they are wasting by renting. Rent is dead money. Mortgage rates are also rising, making some people think ‘Have I missed the boat?’.
“The answer is yes, you have. The best deals were available during the time of most uncertainty during Brexit and the start of the Pandemic. The best time to buy was yesterday. The next best time to buy is today.”