Buying London property in a summer market
Published Jun 23rd 2015
2 mins read
Generally speaking, selling a property in the summer is preferable to the winter. The light is better, there is more colour and the view is more appealing. All in all, there is a more positive feel and this should be conducive to a stronger sale. So why is it that trying to find a property in London in the summer months can be frustrating?
In a typical year, spring in London heralds an upturn in the amount of property coming to the market, thereby offering purchasers more choice. Vendors who have decided this is the year they wish to sell, spruce up their homes, plant fresh flowers and clean the windows in anticipation of a rash of buyers beating down their door. However, 2015 has not been a typical year.
With the New Year still suffering the hangover of the new Stamp Duty rules, the looming General Election and its unpredictable outcome left buyers and vendors alike in limbo as they waited to see who would win and what effect that would have on the market.
Even after the surprise result, with a Conservative Government majority and the threat of a Mansion Tax eliminated, the market in London has struggled to recover its composure. The predicted rush of activity has not materialised and people on both sides of the fence continue to bide their time.
That said, London remains a very strong place in which to buy a property. The long term capital growth is widely predicted to be rewarding and despite future uncertainties about the European economy and also whether the In/Out referendum will further stall the market, the outlook for property in London is incredibly bright.
So if that explains the frustrations for buyers in an atypical year like 2015, what are the continuing trends for buyers in the normal summer months? Historically, April through to September remains a busy period, with more choice after the Easter break, and this continues up to the end of the school year in July. However, as families traditionally head off for their summer break, the market slows again, before picking up in the autumn as vendors try to sell before Christmas. Garrington’s skill lies in unearthing potential properties for our clients throughout the year, despite the seasonal highs and lows
According to the song, in “summertime…the living is easy”. Actually, finding a place to live in London can be hard work, but with Garrington’s assistance, the living can certainly be a whole lot easier! Contact us for more information