Introducing PrimeResLegal: Our New Blog for Residential Property Investors
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Values of prime central London properties rose by 87 percent on average across the volatile period of the last six years, compared to 25 percent for mainstream London. Decent properties are scarce and for properties in the right area, it seems as if the bubble is not going to burst any time soon. Property Partners Richard Gordon and Maria Guida describe the current prime property landscape.
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The prime central London market continues to attract buyers and investors (many from abroad) as a safe haven to invest. Owners are adopting a holding position that is reducing the stock in circulation within the market. This leads to increased competition for a property when it does come on to the market.
We have found that it is not uncommon for two or three buyers to be chasing the same residential property in prime areas such as Mayfair, Knightsbridge, Belgravia, Regent’s Park and St John’s Wood. The practice of gazumping (where a seller pulls out of a deal with a buyer to sell to a second buyer, who offers more money) is not unusual in these deals.
The supply of good quality property remains low, but rental yields continue to increase, making it is a good time to invest in buy-to-let property. There is no shortage of tenants. With the price-to-earnings ratio increasing and the continuing lack of finance, renting is a good option and most first-time buyers will be well into their thirties before they can afford to get on the property ladder in the current market.
Keep up to date with news, views and legal updates from our Residential Property team by visiting http://primereslegal.wordpress.com/
For further details about our services to prime central London Property Investors, please contact Maria Guida (meg@silvermansherliker.co.uk) or Richard Gordon (rkg@silvermansherliker.co.uk) or call them on +44 (0)20 7749 2700.
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