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22/07/2009
Lawyers may get busier as central London property surge tipped |
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Lawyers may get busier as central London property surge tipped
The central London property sector is on course to see values fall but activity rise, an estate agent based in the area has [said].
Director at Douglas & Gordon Ed Mead commented that downturns tend to see small price fluctuations, meaning that there is no reason to see recent increases as the start of a trend.
However, he added: "You have got a situation where you have got a couple of years' worth of pent-up demand, values having fallen by 20 per cent on average [and] low interest rates."
These factors will help give would-be buyers the "confidence" to make purchases, he stated.
Those keen to buy central London property may wish to speak to Westminster solicitors about the legal aspects of this.
Sophie Breakwell, Partner in the specialist residential property department of Westminster solicitors, William Sturges & Co said: "When instructing a solicitor the purchaser should feel confident that they can act swiftly on their behalf. At William Sturges we have systems in place to ensure client's can take advantage of the prevailing market conditions".
Figures from property website Primelocation.com revealed that the average asking price for a property in the prime central London market in June was £1,325,218.
This was 0.33 per cent higher than May's figure, but 1.9 per cent down on a year before.
Written by Anna Norton
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