Bank Holiday time

Another Year, another Election. Our buyers and sellers seem to be treating the prospect with supreme indifference, at least as far as the market here in Marylebone & Mayfair goes. It is also the Bank Holiday season and the time of year that traditionally heralds our peak selling months.

London-wide the market has flattened somewhat.  Prices are still mixed , but  the feeling is that in the suburbs the steam is coming out a little.  At the same time, of course, with record low interest rates, mortgages have never been so affordable or so achievable. Recent studies have shown that the number of people being refused a mortgage has dropped by almost half over the past year.  Likewise, the self-employed are finding their access to mortgage finance is better than it’s been since the onset of the credit crunch in 2008.

A little word of warning. Inflation is tickling up as our lower post referendum currency imports inflation which ultimately will raise UK bond yields  which mortgage rates track.

Here in Marylebone & Mayfair there are definite signs that buyers are starting to emerge and dip a few of their collective toes into the water. Our buyers are still largely needs-driven and end-users. They are looking for value, not necessarily deals. So beware, optimistic pricing will result in prospective buyers looking at the details on-line and then taking it no further.

Three of our last four sales here have been within the  £2m to £3.5  range. This has been a tough market recently but indicates that there are buyers out there at these levels. All the properties concerned were reduced from previous ambitious levels to come into line. A strong lesson there.

The market here is nicely balanced between Buyers and Sellers. If you would like to discuss your thoughts or property plans with me I will be delighted to hear from you.

Ed Plumb 
Sales Director 
0207 467 5770