THAT CAUGHT OUR EYE
What Does London’s House Market Surge Mean for Potential Buyers?
According to estate agents, London’s housing market has been surging since Christmas. This has certainly been reflected here at DGA, where we are witnessing a large increase in clients calling us who are looking to buy properties.
From our conversations, it is clear that everyone had been sitting on their hands waiting for the outcome of the election and many people held off putting their properties on the market until there was political certainty.
A number of our clients have had no choice but to go for best and final offers due to the number of interested parties and, unfortunately, one or two have already experienced gazumping.
These are all signs that there are currently a large number of people who are chasing a limited number of available properties.
This is all very exciting; it means that things are moving again. I imagine there will be a month or two for momentum to gain, but it will be interesting to review this quarter’s land registry prices to see if this renewed activity aligns with an increase in property prices.
It also means that competition is currently tight for the best properties, particularly amongst eagle-eyed buyers looking for development opportunities. There is always a risk when competition is fierce that buyers will rush into a purchase before doing their due diligence.
We thoroughly advise anyone who is considering buying a property with the intention to develop it to first seek pre-purchase advice to cover any potential planning or structural issues that may prevent you carrying out your intended works.
At DGA, we offer a pre-purchase service that allows you to quickly get answers to the questions that are most relevant to your plans. It’s your opportunity to look at your potential dream home through the eyes of an architect.
To learn more about our pre-purchase service, click here or call us now on 020 3918 2732.