July sellers achieve at least 96% of asking price
Thursday, 4 August 2011 3:57 PM
The market for sales and rental properties in prime London locations has come bouncing back, according to one sales and lettings agent.
W A Ellis said today that rents had increased by ten per cent on one-bedroom flats in prime spots since the beginning of the year and that all sales offers accepted in July in prime London neighbourhoods had been within 96 per cent of the guide price, or at asking price or above.
Lucy Morton, senior partner at W A Ellis, said: “There has also been strong demand for quick exchanges and early completion dates ahead of the summer.
"This can largely be attributed to investment from overseas buyers who are taking advantage of the weak pound, and looking to cash in on ever-increasing rental yields; in the last quarter, our average rental price increased by approximately six per cent, and as we move into student season, rents are set to rise even further."
The firm said that there were 30 per cent more rental properties on the market in prime Central London compared to last year, but despite this increase demand continued to outstrip supply.
"High net worth students are looking to arrange their accommodation ahead of the new academic year which starts in September," Morton added.
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