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London home owners rush to cash in

londonpropAfter years of defying gravity, property owners in London are flooding the market in the hope of selling high and then buying low.

One agency says the new houses coming onto the market now outnumber buyers by a factor of three.

While the London market is turning to favour buyers, the opposite is the case outside of London where demand is rising, according to recent research.

For the UK as a whole, buyer registrations rose 21% in the year to July, three times faster than the 7% increase in properties put on the market.

In London, however, potential buyers increased by 7% with 25% more houses put up for sale.

Despite the change, there are believed to be 10 buyers for every new London property compared to six buyers in areas outside of London. And where there is demand, price increases are likely to continue.

Buyers as well as home owners are concerned about an increase in interest rates which means they will have to find greater monthly amounts to service any mortgage. Even a slight rise could raise repayments by £590, although if this comes to pass it will have been after a six year period of unprecedented low interest rates.

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