Sales
The Sales Market is in Good Shape
Our sales activity so far this year is well up on 2011, and we have agreed 17 per cent more sales than in the first quarter of 2011. This has set the market up nicely for those considering selling their properties in the coming weeks in what is a traditionally buoyant season.
We are also encouraged by the level of new properties coming onto the market; now at the highest level for five years. The selection of properties available is therefore improving having been relatively tight for most of this year.
As we have been reporting since the start of the year, nearly all of our markets in the South of England have seen increases in the number of buyers registering with us. Furthermore,there is a sense of urgency for buyers that wish to agree deals and secure mortgage financing while favourable rates are still available.
Well- priced properties are moving with much greater ease than a year ago but buyers are very price sensitive and it is not the time for vendors to be too adventurous.
Lettings
Uneven Performance in Rental Markets
Overall, the Hamptons International lettings network continues to see strong activity, with a continued growth in demand from prospective tenants (13 per cent) as well as new stock (45 per cent) compared with 2011.
However, there are big differences in the type of stock demanded across individual markets. In general, demand in Prime London is strongest for smaller properties, with some premium properties experiencing modest rent reductions to attract tenants. In contrast, most of our inner London offices are seeing healthy stock levels and the demand to match. Traditional Central London renters are relaxing location criteria in order to get more property for a given budget in these locations.
Outside London, our lettings network is experiencing very localised market activity levels. Rents remain firm, but for any given location this is supported by either tight supply conditions or strong demand. Regardless, landlords stand to benefit and it remains a strong market for investors to add stock.
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