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Despite the effects of the credit crisis, uncertainties in the economy and associated negative press coverage, the top end of the residential market in central London remains firm. Buyers are, however, quite understandably becoming more discerning across the board, and rightly so. |
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The middle market in London is providing clients with far more choice than in the same period last year, and the pendulum has definitely swung towards the buyer. We have already agreed several purchases at or below the guide prices. Condition and presentation have never been more important. |
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To some degree the summer’s period of inactivity has already kicked in, with a number of vendors having failed to sell, taking their properties off the market to be re-launched in the autumn – hopefully at more realistic asking prices. |
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| Country |
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The country market got off to a slow start, but we are now seeing a lot of properties, many of which are beginning to “stick on the market”, being overpriced. As a result a large part of our work is tracking overpriced country property as guide prices are being reduced. |
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Demand at the top end, for the very best, continues and there have been some significant sales already this summer where houses have achieved large premiums in competition. Buyers are, quite understandably, reluctant to bid in a vacuum in the current market unless the property’s truly exceptional. |
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At the time of writing there seems an insatiable demand for, and confidence in, farmland on the back of a positive outlook for corn prices for the 2008 harvest. Having said that, there is a view that prices may have peaked on the back of significantly increased input costs which will effect the 2009 harvest. As a result there signs of an increasing acreage coming to the market, providing buyers with more choice than they have had for some time. |
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