Olympics leads to jump in sales enquiries for London property
- 15th August 2012
- Buy-To-Let Property News
Housing activity surges during Olympics as Londoners take the chance to search for new flats and houses.
Despite predictions that the market would slow to a standstill, ludlowthompson saw new sales enquiries in London jump 50% during the first week of the Olympics, compared with the same period last year.
With many Londoners taking time off during the Olympics, prospective homeowners and buy-to-let landlords took advantage of their time off to hunt for new London property.
Stephen Ludlow, Chairman of ludlowthompson, says: “Predictions of travel chaos never really materialised, which seems to have buoyed many prospective buyers into action. When Londoners realised that the city was quite quiet once the games started, they took the opportunity to view a new house or flat.
“London’s property market has been very busy, remaining relatively immune from the slowdowns that hit other sectors, such as retail and tourism.
“The Olympics have been an amazing advert for London, which will no doubt bring a fresh wave of tenants and investors to the city. Certain events, such as the road cycling, have showed off particular parts of London which may attract new residents to them.”
Even the lettings market, which was predicted to dry up during the Games, fared well, with new lettings enquires down just 7% from last year.
Says Stephen Ludlow: “While demand hasn’t been quite as high as last summer, there is certainly no shortage of tenants looking for London property.”
“London property benefits from demand all year around, but the busy summer period is always a great time for buy-to-let landlords to market their properties. Demand for rental accommodation is usually driven by and influx of students and economic migrants, who come to London to start new courses or jobs.”
“This means that buy-to-let landlords can achieve competitive market rents and great returns, as high demand ensures void periods will be kept to a minimum.”
As with last summer, many tenants are now looking for longer lets, choosing to wait out the mortgage famine that is keeping would-be first time buyers without higher deposits - those unable to benefir from competive long term fixed rates - out of the market. This means lower void periods and better returns for landlords.
The Olympics have been an amazing advert for London
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