5
Dec
Property prices in London to rise into 2012
The price of property in London will continue to rise in 2012, as
the number of properties available will be less than the number of
people looking to buy, driving up prices.
According to Ed Mead, director at Douglas & Gordon, the fact
that a decreasing number of people are looking to sell their
properties while the same number of people are looking to purchase
property for sale in London, means that bidding wars could
increase what people pay.
"The trouble is that you have got a market which is becoming
tighter and tighter with the result that there are a similar number
of people chasing a disappearing pool of property – that is
not showing any signs of changing at the moment," he said.
Mr Mead went on to say that once people start to see that they have
the option to move, the prices will rise again.
Recently, Land Registry figures suggested that London was the only
area in England and Wales which had seen an increase in property
value over the last year, with prices up 0.3 per cent.