We are optimistic about the 2017 property market. We are finishing the year strongly and the indications already are that we are headed for a record December. There has been uncertainty this year but we are seeing a resilience to the market and those who have been putting off making decisions are no longer holding back. We anticipate a fast start to the new year with a large number of buyer enquiries.
We work for over 20,000 London landlords and in general they are upbeat as we continue to generate reliable returns for them. Tenants have had more choice in the last quarter of the year but the demand for high quality property from corporate tenants is at an all time high and as a result we are seeing a lot of new landlords.
We expect property transactions numbers to increase sharply in the opening months of 2017 – homeowners who have been putting off moving are on the march and new buyers and investors are looking to secure property in a safe yet vibrant and lucrative market.
Overall across London we anticipate both prices and rents to increase by 5% as demand for London accommodation continues unabated.
A recovery in buyer demand, which is exacerbating a housing supply imbalance and should keep house prices rising, has been confirmed by the Bank of England. New figures published by the bank yesterday reveal the number of mortgages approved in October was 67,518, a rise of six per cent from September's total of 63,594. Mortgage approvals are now at the highest level since March. In general, surveys have suggested house purchase numbers are lower than they were a year ago but are still well ahead of supply, which has stopped house prices falling despite the uncertainty caused by Brexit. According to a study by the National Association of Estate Agents this week, there are now more than ten buyers for each property for sale in the UK.