Greater London saw prices rise and properties sell faster at end of 2012, data shows
Asking prices for properties in the Greater London region increased in December and sold faster than normal during what is normally a slow month for the UK’s residential property market
Data from the latest Move with Us Residential Market Review has revealed that asking prices for properties in Greater London rose to £358,200 in the last month of 2012.
Coupled with reduced selling times, London bucked the trend of the traditional Christmas market slowdown that was experienced by the rest of the country as expected at the end of each year, the firm says.
In December properties were selling more quickly than in previous months and 43 days faster than the UK average. Although widely acknowledged for its resilience to market decline, this surprising trend for London is new, as in 2011 residential properties took increasingly longer to sell each month in October, November and December.
Last year reversed this trend with properties selling faster each month in quarter four ending the year with properties selling 22 days faster than the same time in 2011.
‘Most recognise that the London property market exists in its own bubble and the most recent data shows the capital can even be immune to the usual seasonal trends most in the industry assume are a given,’ said Ben Greco, director at Move with Us.
He pointed out that rising asking prices coupled with reduced selling times is a clear sign of a strengthening market. ‘This could have been caused by any number or combination of factors such as the multi cultural nature of London’s buyers, the impact of foreign investors or a low supply of quality property for sale. Whatever the cause, buyers should be aware that in the fast paced London market, they should act quickly to secure the right property,’ he added.
The figures were derived from The Move with Us residential market review, quarter four 2012 and is produced in conjunction with Home.co.uk. Information from more than 3,800 property sales completed by Move with Us together with data derived from around 620,000 property listings from Home.co.uk is analysed.