8 Aug

Houses for sale in London buck the national downward trend

Houses for sale in London buck the national downward trend

Estate agents will be pleased to know that the capital is currently going against the national trend of low numbers of first-time buyers, with 41.2 per cent of those buying property for sale in London taking their first step on the property ladder.

The survey, carried out by RightMove of 14,125 potential property buyers, found that of all respondents who were looking to buy property in the next 12 months, only 23 per cent first-time buyers. This figure is down from 26.2 per cent in the previous three months and a long way under the pre credit-crunch norm of 40 per cent.

The figure is such an exception to the rest of the market that without it the national average falls below 20 per cent for the first time in the survey's history.

Grainne Gilmore, the head of UK residential research for Knight Frank, stated: "The rising level of supply has gone some way to addressing pent up demand in the market, but the desire for prime properties in the capital looks set to continue."

The London Central Portfolio predicted recently that wealthy investors from abroad will continue to fuel growth in the London property market against an expected national decline in prices.


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