5 Jul

Bidding wars return to the London property market

Bidding wars return to the London property market

The demand for property being sold in London is now so great that estate agents are seeing bidding wars break out between rival buyers.

Last week it was reported that prices in the capital have now exceeded the peak levels that were previously experienced before the market crashed in 2007, and buyers are competing for properties as they continue to push them higher.

According to consultant Cluttons, there are now a number of top homes where sealed bids are becoming the norm.

People looking at houses costing more than £500,000 know exactly what they want and are prepared to pay over the odds in a very competitive and cutthroat market, especially for properties close to good schools and other popular amenities.

"The sealed bids process is the fairest way letting buyers dictate what they are prepared to pay for a property, as low stock volumes and the recent rise in renovations and extensions means each home needs to be considered on its own merit," said James Hyman, partner for residential sales at Cluttons.ADNFCR-1222-ID-801608855-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.