Winkworth Central London has published its Autumn-Winter 2010 Market Insight, analysing trends and the outlook for the West End, Islington and Clerkenwell residential sales and lettings market – the data for the report has been gathered by these franchises and should therefore be considered as indicative rather than factual.

Summary

• In central London the volume of transactions has increased most significantly (135%) over the last six months in properties valued over £1m.

• Winkworth offices in Clerkenwell, West End and Islington have all seen strength in their local markets during the summer months and in some cases properties are selling at higher levels than at the peak in 2007 (see case studies in the report).

• A lack of stock has supported values throughout most of this year and in Clerkenwell this has resulted in a degree of pent-up demand with buyers unable to find suitable properties. However an increase in supply levels during recent weeks has brought with it more choice, with committed buyers who have been following the market achieving keenly priced deals.

• Although the number of applicants registering has fallen in July and August, the profile of demand has changed with a noticeable increase in second time buyers and families.

• In the West End there has been a marked increase in demand from buyers in the Far East. Incentivised by currency weaknesses these buyers are often looking for properties for their children who are being educated in London. Typically they are looking for flats and prefer long leases.

• There has also been a re-emergence of domestic buyers looking for a long term investment. For many, property is still viewed by many as an attractive investment class particularly whilst returns on cash deposits remain low and the stock market continues to be volatile.

• However, in Islington new buyer registrations over the past few weeks have improved and there is every indication that the market will remain buoyant for the rest of the year.

• Restriction in supply in the lettings market has been evident for quite some time and this shortage in stock further exacerbated by tenants looking to renew their leases.

• On the other side of the equation, demand from tenants is increasing and properties are being let very quickly. At this time of year property is often let in a day with six or seven viewings on the same day.

Follow these links for full copies of the report:

Winkworth West End Market Insight (Autumn-Winter 2010)

Winkworth Clerkenwell Market Insight (Autumn-Winter 2010)

Winkworth Islington Market Insight (Autumn-Winter 2010)