London property market enjoys strong Christmas
Data from the latest Move with Us Residential Market Review has revealed that asking prices for properties in Greater London rose in December 2012 to £358,200.
London also bucked the trend of the traditional Christmas market slowdown that was experienced by the rest of the country as expected at the end of each year.
Ben Greco, director at Move with Us, said: “Most recognise that the London property market exists in its own bubble and the most recent data shows the capital can even be immune to the usual seasonal trends most in the industry assume are a given.
“Rising asking prices coupled with reduced selling times is a clear sign of a strengthening market.
“This could have been caused by any number or combination of factors – the multi-cultural nature of our capital’s buyers, the impact of foreign investors or a low supply of quality property for sale.”
In December London properties were selling quicker than in previous months, and 43 days faster than the UK average.
Move with Us says that although widely acknowledged for its resilience to market decline, this is a surprising trend for London, as in 2011 residential properties took increasingly longer to sell each month in October, November and December.
2012 saw this trend reversed, with properties selling faster each month in quarter four ending the year with properties selling 22 days faster than the same time in 2011.
Greco added: “Whatever the cause, buyers should be aware that in the fast paced London market, they should act quickly to secure the right property.”