Supply of central London property in huge fall

Extremely low levels of property for sale are being reported by agents in central London.

Cluttons, which has nine offices in central London, says that current stock levels are 60% lower than the same time last year and 93% down on the same period in 2008.

Where in the past the average buyer could reasonably expect to view upwards of ten properties before making an offer, they are now lucky to find just three or four which match their criteria.

James Hyman, partner for residential sales at Cluttons, said: “Buyers in central London are facing a very different market in 2011. We are seeing lots of disappointed buyers who have held off from making an offer in the hope of securing more viewings and consequently missed out on a property they liked.

“Unless home owners have specific demographic reasons for moving, such as a new job or growing family, there is little incentive to sell currently.

“Central London property has proved to be the only stable investment throughout the downturn, and fewer and fewer people are willing to relinquish their interest in it.”