London, United Kingdom (15th May, 2012) – M Winkworth plc, the largest single estate agency brand in London, has published its quarterly review analysing trends and the outlook for the London residential property sales and letting markets.
While the upper end of the market has been negatively impacted by measures announced in the Budget, and first time buyers are expected to suffer from the ending of the stamp duty holiday, the middle market of family homes in Greater London is showing signs of revival.
There has been improved confidence among buyers and sellers, signalling a positive start to 2012. Findings showed that sales appraisal numbers rose 7% year-on-year in the opening months of 2012 as homeowners tested the market, and sales instructions rose 20% year-on-year over the same period. New buyer registrations at Winkworth offices increased 12% in early 2012 compared to the opening months of 2011.
It was also found that average asking prices dropped slightly as the increased number of properties for sale put downward pressure on prices; the average asking price in Greater London now stands at £625,888.
The findings also indicated that the Greater London rental market may have peaked. The number of properties available to rent in early 2012 was over a third higher than in 2011, whilst average rental prices remain at their highest at £2,721pcm, although falling demand may put downward pressure on rents in the coming months.
Dominic Agace, CEO of M Winkworth plc, commented: “The market for family houses in greater London, long stymied by a shortage of available stock, is finally showing renewed signs of life. The typical buyer in this segment is a professional individual or couple with a minimum of 20% equity to invest in a new loan. Already a homeowner, the need is for more space for a growing family.
“It is, therefore, very encouraging to report that our offices have witnessed a 20% year-on-year increase in sales instructions over the first months of the year and a 12% rise in buyer registrations. Over the same period, completed transactions rose by almost a quarter. Despite ongoing uncertainty in the global economy, we are confident that transactions in the London family home market will increase by 5-10% this year against a background of stable prices.”
A full copy of the report can be found on the company’s websites – www.winkworthplc.com and www.winkworth.co.uk.
Winkworth is a leading franchisor of residential real estate agencies and is admitted to trading on the AIM Market of the London Stock Exchange.
Established in Mayfair in 1835, Winkworth has a pre-eminent position in the mid to upper segments of the central London residential sales and lettings markets. Winkworth has in excess of 90 offices, with 60 in London alone.
The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a well-respected brand name and to benefit from the support and promotion that Winkworth offers. Franchisees deliver in depth local knowledge and a highly personalised service to their clients.
M Winkworth Plc
11 Berkeley Street
Tel: 020 7355 0220