Clerkenwell, Barbican sales market 2010 | 
Price increases averaging 6% in the first half of 2010 in the Midtown, City and Docklands residential markets were driven by a lack of stock coming to the market combined with a significant 30% expansion in enquiries during the period January to March, a rise in activity mirrored across London as a whole. Enhanced interest in acquiring residential property came from four principle categories of potential buyers:
- • First-time buyers, looking to enter the Midtown, City and Docklands markets. Property for sale in fitzrovia
- • Renters already cialis commercial present in the market, now looking to buy and get on the housing ladder, which we describe as “frustrated renters”.
- • Pied-a-terre purchasers, seeking a second-home in proximity to the workplace where the primary residence is typically outside London.
- • Overseas buyers of investment property (albeit sometimes buying for family members studying or working in London) deriving from property exhibition activity in Hong Kong, Singapore and Malaysia, where the perceived value of London along with currency movements encouraged buyers.
Therewas little evidence of interest fromthe buy-to-let (BTL) sector, either amateur or professional, with yields still stubbornly stuck around 5%. Of the four groups, however, it was typically the pied-a-terre and overseas purchasers who were able to convert their interest in the market into puchases. The primary reason for this is that they were
predominantly equity-driven purchasers, either buying with 100% cash or topping up cash with relatively low LTV ratios. The result, in a market with a relatively short supply of stock for sale, was to raise prices during the period January to April by 6%. The price of the illustrated typical one-bedroom flat in the second-hand sales market
increased by £20,000 from £338,000 at the end of 2009 to £358,000 at the end of June 2010.
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