Having expected the month of August to be quiet and underwhelming – and therefore a good month to go away on holiday – we have been very impressed by being wrong in this estimation. The level of activity has been excellent with more market appraisals and instructions in the month than we could have predicted. Buyers have also been decisive and showing strong interest in both those properties that have been on the market for a long time, and those fresh to it, inducing bidding in both scenarios.
The “seller’s market” prevails and the strong prices mean that clients need to have good reasons for these valuable assets to leave their possession and be converted into cash, in other words, to be sold. With this model continuing we are finding an increasing number of discretionary sellers who are testing their luck (and our skill as selling agents) to see if appetites are as strong as the press reports. Broadly speaking the answer is yes but we must remind ourselves that central London has many hyper-localised markets and what can be reported for a borough is not necessarily relevant to all areas of the borough.
Taking into account the activity in August we cannot foresee why September and October will not bring a good number of Mews instructions to the market and also a large increase in buyers registering now that most holidays are over. We forecast that competition to buy will be hotter than ever!
Written by Duncan Petrie | Sales Manager
Featured Image Attribution: Ian Dick
Image Two Attribution: danielmoyle