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Olympics boosts London property market

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Fears that the Olympics would bring the London housing market to a standstill proved unfounded, according to estate agent Marsh & Parsons.
Olympics boosts London property market

The agency reported that sales activity in the capital actually increased during the Games, up 23% on last year’s figures and 35% on the same 17 day period in 2010.

The agency said that movers were eager to take advantage of quieter roads around most parts of London and also to find a property ahead of the traditional September rush.

The increase in sales came despite a slump in the number of buyers seeking to move during the period. The agency said that viewings between the end of July and mid-August fell 22%, while the number of buyers registering shrank by 30%.

Peter Rollings, CEO of Marsh & Parsons, said: “While many potential buyers were glued to their TVs and seats at venues rather than out viewing homes, London’s housing market didn’t grind to a halt by any means.

“The traffic chaos and logistical problems feared in the run up to the Games thankfully failed to materialise, and a corps of committed buyers moving with urgency actually took advantage of quieter streets to secure homes.

“In fact, with roads emptier than usual for this time of year, buyers actively looking to purchase homes ahead of the traditionally busier post-summer holiday period found getting to and from viewings a much smoother process.

“With the Olympics serving to provide incredible global publicity for London, showing the city in its best possible light, we expect it will have a significant long-term impact on its appeal as a place to live for both domestic and international buyers.”

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