London Property Market Shows Signs of Recovery

According to We Love Primrose Hill website buyer enthusiasm has continued to grow in February with interest in London at a high level which has not been seen for more than two years, reports the Royal Institute of Chartered Surveyors UK Housing Market Survey, published on March 10.

According to the report, interest in the market increased for the fourth consecutive month with 20 per cent more chartered surveyors reporting a rise than a fall in new buyer enquiries, up from 15 per cent in January.

Interest is strong in nearly every region with London and the south of England leading the way, and interest in London reached levels not seen since October 2006.

A further 44 per cent more chartered surveyors reported a rise than reported a fall in new buyer enquiries in London - up from 25 per cent in January.

Jeremy Leaf, RICS spokesperson, said: “Potential buyers continue to come through estate agency doors but without mortgage finance transaction levels are likely to remain close to all time lows. Worryingly, the lengthy process of obtaining mortgage finance, even for those with large deposits, is contributing towards the blockage in the market place.

"Family homes remain in demand but flats are proving harder to sell in many areas as first-time buyers are struggling to gain a foothold on the property ladder,” he warned.