This year’s property sales market has been healthy from start to finish with the average property going under offer in 4-6 weeks. Properties in great condition, property in need of refurbishment or with outside space are often going under offer within days and on the odd occasion going over the asking price. Agreed prices went up by 5% early in the year and have held all year so far.
2011 has been the year of the cash buyer with Paramount agreeing over 50% of its sales to cash buyers. These buyers have often been Parents from the UK, mainland Europe and Asia buying for their children who are based or will be based in London. These properties are going on the rental market for the interim periods.
We have also seen some buy to let investors return to the market, with the rental market’s being so strong they have achieved some great rents and are generally renting their flats within days of taking ownership.
With the lack of properties currently on the market and the amount of good quality buyers currently looking, 2012 looks like it is going to be a great year to sell your property in our local area.
What's been happening in 2011 in West Hampstead and surrounding areas for Paramount lettings?
In 2011, Paramount has seen unprecedented demand from applicants looking to rent in North West London. The cost of market entry for first time owner/occupiers is preventing many people from buying and so is boosting demand for rental property. A dearth of rental stock is pushing up rents and future prospects for rental growth are very strong indeed; the average rental income are up by 12% in the NW6 area. Landlords can “cherry pick” their ideal tenant with no worries of a void period whatsoever.
Given that yields have steadily increased this year, it has also meant the introduction of first time buy-to-let investors into the property market as well as existing landlords expanding their portfolios. There is no reason to suggest that in 2012 the rental sector will show any signs of waning.
Paramount Property News
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