Agents Douglas and Gordon have revealed a record year for property sales values in 2013.
It said the value of properties sold in D&G land in 2013 was heading towards £10.5billion – a more than 20% increase on the figure for 2012 which was itself a record.
In terms of numbers, more than 11,000 have been sold in the year – an increase of nearly 10% over 2012 and the highest volume of sales since the peak year of 2007 (13,000 sold).
What this shows is that the reality behind the apparent lack of stock, according to many agents, is that properties, faced with very strong demand, have simply sold very quickly.
Looking at forecast comparisons, D&G said: "With the year behind us and unlike some of our more resourced competitors, we face up to the forecasts we made twelve months ago for the central London sales market.
"Unlike in 2012, when the sales market moved ahead 9.7% against our forecast of within the range of 8% to 10%, in 2013, our forecast of 8% looks very undercooked against an astonishing final result of an increase in sales values of 17%. In mitigation, we were spot on in Prime Central London where values moved ahead by 8.2%. The most extraordinary feature of the market in 2013 was the increase in values of property in the 'rim' around Prime Central where values increased in the year by nearly 21%.
D&G said 2014 promised further growth as a result of "worldwide demand for London residential property as a 'safe haven'" but price increases would be limited due to property tax uncertainty ahead of the 2015 general election.
Under these circumstances, single figure growth of 5% to 7% was expected.
Comments
All estate agents! Read this story, read the comments from solicitors about us and please leave an appropriate comment!
http://www.lawgazette.co.uk/practice/estate-agents-urged-to-involve-solicitors-earlier/1/5039329.article?PageNo=1&SortOrder=dateadded&PageSize=20#comments
Can I 'ave a free 'ouse please.
Where is this London, we all talk about?
I think a better headline would be:
enjoys another record year since recession.
Fair play to D&G PR team.*
I did chuckle at "the reality behind the apparent lack of stock, is that properties simply sold very quickly - and not enough are coming on the market. ie the reality behind lack of stock is, er lack of stock.
*PR is public relations and not intended to refer to any CEO of any London :)
As Prime Minister, I can confirm that D&G have single handedly saved the UK housing market and further, are making no attempt to seek cheap publicity
What is going on here? If this is the new EAT I'm in but only if the fluffy regurgitation stops.
This is nothing more than a copy and paste from a PR submission so it isn't news. Let's have a comment from the editor on this story.
Peter - I think that you'll find that D&G land is right next door to M&P land, which borders Partnership Land. I would expect to see cross-border issues very soon but no doubt Tony Blair will be able to sort these out. Nice advertorial for D&G though
What you mean like telling us that 700 buyers registering and 50 properties registering means you have 14 "buyers" chasing every property. Good to hear from you Pete and good to know D&G flourishing and market slowly increasing transactions, I know how you LOVE competition.
What a misleading headline! This has nothing to do with D&G and everything to do with the market they operate in.
Where is 'D&G land' anyway?!