In light of the recent Property Activity Index, August 2014 saw the number of sold properties rise by over 1.9%. However, seasonal trends would tend to show less activity throughout the month of August. So far this September there has also been a rise in asking prices by 0.9%.
Henry & James, a prime central London agent, has experienced both. On one occasion buyers went to a bidding war over a property that had been on the market for 10 weeks. It resulted in the final bid being in excess of the asking price.
This may be great news for vendors, however it puts a lot of pressure on the buyers themselves. According to an Aviva survey, the current property market is showing that more and more customers are spending less time viewing properties they are interested in than they did a year ago.
The Henry & James bidding war proves that properties in the area are in demand and are selling quickly. If priced correctly, buyers are willing to pay the asking price, and sometimes more.
Interestingly, Rightmove assessed the speed of how quickly sales happened in the UK. The results showed that in Cambridge it took only 27 days, closely followed by the London boroughs of Lewisham and Sutton with only 29 days.Back to News