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London Property Market 23 June 2017

Chestertons Residential Observer - June 2017

Buyers are currently seeing some of the best mortgage deals ever as Bank of England data shows that the average rate on two year fixed rate deals has fallen from 1.73% to 1.26% over the past year.

First-time buyers who receive gifts or loans from their parents are able to buy 2.6 years earlier than the national average, and 4.6 years earlier in London.

There were more cash buyers in 2016 than at any time since comparable records began, as more people used money from "bank of mum and dad", inheritances and profits from selling other property. It is estimated that £418 of every £1,000 used to buy property in 2016 was in cash, compared to £377in 2013.

A recent study from Lloyds Bank has shown the impact of transport improvements on house prices: Edinburgh, Manchester, Nottingham and Birmingham have all seen values for properties near new tram stops rise by an average of 12% in the first two years of the lines opening. House prices along the new Elizabeth Line crossing London from Reading in the West to Shenfield in the East, are up by 22% over the last two years, even although it will not be fully open until 2019.

Connectivity is becoming increasingly important for buyers as research has found that 43% want a fast, reliable broadband connection sufficiently strong to stream TV and films while 42% required a reliable and clear mobile phone signal. Additionally, 66% of buyers want a good neighbourhood, 59% want a low crime rate, 51% want to be near good shops and 44% near a good doctor or dentist.