He contends that the market is very close to or has even reached the bottom in London.
“No one rings a bell when property has reached its nadir. But for the following reasons we believe the very first green shoot of a recovery has appeared.”
Over 1,000 new buyers registered in January – most with deposits of 20% plus
Nine “best and final” offer situations this year including…
A flat in HollandPark which attracted 35 prospective buyers, three asking price offers and an agreed bid in excess of the asking price
Most areas of London have fallen 25-30% and are back to 2004 levels
Double of the agreed sales so far in 2009 compared to corresponding period in 2008
Greatly increased overseas buyer interest from around the world – sales agreed this year with Russians, Italians, Germans, Japanese, Chinese, Thai, Irish etc
Peter Rollings adds: “It’s worth noting that since 1945 property prices have appreciated by 174% in any 10 year period. I don’t know for certain that we have reached the bottom however what I do know is that in two years London property prices will be higher than they are now and in five years they will be substantially higher.”
