Estate agents are generally pretty good at talking up their own agendas, but it’s always worth taking their thoughts on board and trying to detect any trends amongst the chatter. The following seem to be universally agreed…
– Supply of property in Kensington and Chelsea had decreased quite drastically. The increase in Stamp Duty last year has had the effect of making property owners hold on to their homes as moving is now so costly. Many are choosing to let their properties instead, hence the buoyant rental market. Was this the effect the Chancellor desired? Weak supply equals higher prices Mr Osbourne.
– There has been a dramatic increase in the number of wealthy individuals looking to buy in Kensington and Chelsea, the most popular nationalities seem to be the Chinese, Italians, Greek and Turkish.
– Sterling’s relative weakness has made London property more affordable to many looking for a ‘safe haven’ investment.
– Rock bottom interest rates continue and there has been a been an increase in competitive mortgage rates to those with sufficient deposits. We may look back fondly on the days when £1m could be borrowed for £1500 – £2500 a month..
