SALES NEWS: London cooling down?
Agencies in London are claiming the market has become stagnant with house prices showing a small drop in September and an excess of supply over buyers. Nevertheless, statistics from the Office of National Statistics show that prices in London still remain higher than they were at their peak in 2008. House prices in the South West are also higher than they were in 2008, and Rightmove claims to have generated over four million enquiries in August, the second highest level ever recorded. Rightmove analyst, Miles Shipside, said “There are early signs of a bounce-back in demand after the summer lull. While there is more property coming to market this year, it has been more than swallowed up by increased sales. There is already 10% less property available per estate agency branch compared to this time a year ago.”