Following on from last week’s report, whilst we have witnessed a slight lull in the Sales market as everyone has headed for the Chelsea Flower Show and prepares for the final Bank Holiday weekend for a few months, it certainly hasn’t been as extreme as expected. The Lettings market however, has been extremely active in all areas of the market.
Our Sales teams echo the sentiments expressed by the Worldwide Property Group’s recent survey which revealed that 80% of the people approached, ranked property as their number one investment of choice. . . followed by gold! This is the highest figure since August 2010 and the second highest since the survey began in 2009. It is encouraging to see that property is still the investment people turn to when others begin to show signs of instability and bodes well for vendors.
The level of instructions coming to the market for both Sales and Lettings has seen a marked increase, which will be encouraging news for purchasers and tenants alike but prices on both sides, still reflect the overall shortage.
The ever increasing level of tenants in the market is soon to be joined by the perennial Middle East influx as 1st June heralds their arrival in force for the Summer Season. This will give a real boost to the Short Let market. We have notice a marked surge of enquiries from Russians wanting to settle in London ahead of the school year and educate their children in the UK.
We anticipate extremely busy markets in both sales and lettings as we enter June.
Lucy Morton, Senior Partner
W. A. Ellis are Residential Property Experts based in central London with a wealth of experience in Sales, Lettings, Development & Investment, Valuation and Building Surveying. For further details please contact Lucy Morton on 020 7306 1630 / 07767 778 653 or email lmorton@waellis.co.uk.
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