With a lot of people agreeing that the worst of the recession and the credit crunch is now behind us, it is very heartening to see the London property market showing distinct signs of an economic recovery.
The growing confidence in the London market is an indicator that vendors realise that sales are now more profitable and, nearly as importantly, properties are turning over much more efficiently.
Leading London estate agents are delighted with the fact that the number of buyers registering with them has risen by 70% from this time last year. To make things look even rosier there has also been an 80% increase in agreed sales over the same period.
On the buy to let front, the London market has contracted with available stock decreasing by 13% as accidental landlords decide to sell and get out of rental all together. This combined with the fact that the demand for rental properties has actually increased by around 20%, has eased the plight of a lot of landlords who had been faced with vacant property problems.
A knock on effect of all this is that landlords are able to demand a fair price for their rental properties again after having suffered a fairly substantial drop in the preceding year or so. All in all London property is again looking like a good investment.
