Positives remain for the property market in uncertain times

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M Winkworth plc (“Winkworth”), the largest single estate agency brand in London, today publishes its quarterly review analysing trends in the UK residential property sales and lettings markets and the outlook for 2012.

Winkworth UK estate agents
International buyers are set to continue to be a dominant feature of the London market as property in prime areas is seen as a solid investment compared to the fluctuating stock markets and a haven from the problems of the sovereign debt crisis.

M Winkworth plc (“Winkworth”), the largest single estate agency brand in London, today publishes its quarterly review analysing trends in the UK residential property sales and lettings markets and the outlook for 2012.

Summary:

  • Average asking prices across Greater London up 8.4% from August 2011
  • Average time taken for properties to sell in London has fallen by more than a week to an average of 6.5 weeks
  • Greater London rents up 14.7% on average year-on-year in November
  • Prime central London average asking prices up 24% year-on-year in November
  • Average rents in prime central London up 8% year-on-year in November
  • Country average asking prices up 0.6% from August 2011 but down 11.9% year-on-year in November
  • Country average rents up 17% from March 2011

Dominic Agace, CEO of M Winkworth Plc, comments:

“Despite interest rates remaining low, 2011 has been another year of low volumes resulting from constrained finance and a scarcity of available properties. The London prime family house market has been well bid all year and, after steady price increases, we expect to see it higher again by the end of 2012. The prices of London flats have drifted as a result of the difficulty in obtaining high loan-to-value mortgages and despite a historic scarcity of instructions.

“International buyers are set to continue to be a dominant feature of the London market as property in prime areas is seen as a solid investment compared to the fluctuating stock markets and a haven from the problems of the sovereign debt crisis.

“For those looking to move out of the capital, there is plenty of opportunity in the country house market where prices are forecast to remain flat with a steady increase in transactions on 2011.

“On a business note, we are pleased to announce that we have opened 11 new offices in London and affiliated markets over the course of 2011. We expect this growth to continue apace in 2012, as customers look for a better level of service and expertise in uncertain times and our highly personalised service gains further market share.

“Many Winkworth offices have reported a rise in the number of buyers expressing interest in entering the market in early 2012 and many vendors who have sat on their hands are now tired of trying to second-guess the market and plan on instructing sales early in the year. We are therefore hopeful of a strong start to 2012.”

A full copy of the report can be found on the company’s websites - http://www.winkworthplc.com and http://www.winkworth.co.uk. The data for the report is gathered from a monthly survey of franchisees and should therefore be considered as indicative rather than factual.

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