The property market south of the river in London has also shown a dramatic increase in activity over the past couple of months with growing confidence in the market being directly translated into growing sales, say recent reports.
For instance on un-modernised house in Battersea attracted an impressive 67 viewings in two weeks (18 within 24 hours of the sign going up), followed by 14 sealed bids and was eventually sold by Rampton Baseley for £160,000 over the asking price.
But this sale is made even more significant by the fact it originally went under offer last winter for a lower price on which the sale fell through. Rampton Baseley, a leading estate agent for Battersea, Clapham and Wandsworth agent, have also seen nine houses go to sealed bids since spring a property that has just sold for £100,000 over asking price – the agent says it has now seen around a 15% bounce back so far in Battersea, Wandworth and Clapham with some areas showing as much as 20% to 25% rise in price.
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These positive figures reinforce the report released today by the Land Registry that states house prices in England and Wales have risen for the first time month on month since January 2008, and previous reports by Knight Frank and others that highlight a recovery in residential prices in prime central London.
Experts think this is most likely led by the severe shortage of quality homes and a surplus of quality buyers, and believe this change in demand has been fuelled by an eventual release of pent up demand as buyers feel more confident about job security. Rather than waiting to review the market in 6 months, potential buyers are clearly want to take advantage of current market conditions and invest in properties that were either previously out of their price bracket or are priced at a level which they feel can only increase.
