The London housing market
is not expected to experience a slowdown during the summer months, independent chartered surveyors Cluttons has predicted. According to the organisation, strong demand will continue to fuel the sector and help keep values high.
Indeed, the latest figures published by the firm show that average property prices in the central areas of the capital have hit their highest level since the third quarter of 2008, reaching 1.6 million GBP. Buyers from the Middle East are among those making property investments in London
, with interest in the market split evenly between overseas and British investors.
James Hyman, partner for residential sales at the firm, explained that many people are keen to continue their search for property over the summer, which is typically a slow time for the real estate sector. "Buyers are telling us they are wary of postponing their search over the holidays in case they miss out and will instead continue to actively look throughout July and most of August ," he revealed.
The residential property market is not the only area that is currently performing well in London. Data released last week by TRI Hospitality Consulting showed that profitability at hotels in the city rose in May this year compared with the same month in 2010. This could encourage more investors to consider the possibility of putting some of their funds into the hospitality sector.
- Thursday 30 June 2011