Record January for London property market

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London_propertyThe prime property market in London has seen a strong start to the year with 48 per cent of properties sold doing so at asking price or higher and 34 per cent selling within two weeks of being put on the market, Propertywire news service reported

The figures from estate agent March & Parson, also show that the ratio of supply and demand in January reached a four year high and strong demand is pushing up prices. The average price of two bedroom properties in outer prime London increased by 17 per cent in 2013, an increase of almost £100,000.

The research also shows that in January there were 23 registered buyers competing for each available property on Marsh & Parsons’ books, the highest level since 2010, and up from the ratio of 14 registered buyers per property in January 2013. The firm pointed out that compared to the same point last year, 19 per cent more buyers entered the market in competition for 28 per cent fewer properties, making this a strong seller’s market.

For the last four years, an average of 10 per cent more property has become available between the months of January and April. This percentage jumped considerably between 2012 and 2013 as the property market recovered, and if this trend continues, 18 per cent more property could hit the market by spring 2014.

The firm says that the average price of a two bedroom property in outer prime London locations such as Brook Green, Fulham and Barnes, now stands at £673,812. This is an increase of £98,214 since the fourth quarter of 2012 when the average price of a two bed in these areas was £575,597.

Looking at average values across all property types, growth in outer prime London outpaced prime central London by 50 per cent during 2013, with annual growth of 15 per cent, compared to annual growth of 10 per cent in the prime central areas of Chelsea, Kensington, Notting Hill, Holland Park and Pimlico.

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Reading Time: 2 minutes

The prime property market in London has seen a strong start to the year with 48 per cent of properties sold doing so at asking price or higher and 34 per cent selling within two weeks of being put on the market, Propertywire news service reported

Reading Time: 2 minutes

London_propertyThe prime property market in London has seen a strong start to the year with 48 per cent of properties sold doing so at asking price or higher and 34 per cent selling within two weeks of being put on the market, Propertywire news service reported

The figures from estate agent March & Parson, also show that the ratio of supply and demand in January reached a four year high and strong demand is pushing up prices. The average price of two bedroom properties in outer prime London increased by 17 per cent in 2013, an increase of almost £100,000.

The research also shows that in January there were 23 registered buyers competing for each available property on Marsh & Parsons’ books, the highest level since 2010, and up from the ratio of 14 registered buyers per property in January 2013. The firm pointed out that compared to the same point last year, 19 per cent more buyers entered the market in competition for 28 per cent fewer properties, making this a strong seller’s market.

For the last four years, an average of 10 per cent more property has become available between the months of January and April. This percentage jumped considerably between 2012 and 2013 as the property market recovered, and if this trend continues, 18 per cent more property could hit the market by spring 2014.

The firm says that the average price of a two bedroom property in outer prime London locations such as Brook Green, Fulham and Barnes, now stands at £673,812. This is an increase of £98,214 since the fourth quarter of 2012 when the average price of a two bed in these areas was £575,597.

Looking at average values across all property types, growth in outer prime London outpaced prime central London by 50 per cent during 2013, with annual growth of 15 per cent, compared to annual growth of 10 per cent in the prime central areas of Chelsea, Kensington, Notting Hill, Holland Park and Pimlico.

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