24 Aug 2012 Back

W.A.Ellis’ overview of this week’s market - 24/08/2012

As expected new applicant registrations on the Sales side were relatively low this week, however we have inspected a number of good properties which we anticipate launching on to the market in the autumn.  There has been a lot in the Press this week about presenting properties in first class order prior to and during marketing and there is no doubt a well presented property can increase the value.  We hope that you may have heard my interview on BBC last night on this topic.
 
Ramadan ended last Saturday and we have seen a very marked increase in activity from Middle Eastern buyers.  We exchanged contracts on some excellent properties, two examples being an unmodernised family house with a lift and double garage in Brompton Square and a charming corner property in the heart of Belgravia.
 
Furthermore, our Development & Investment department have received a substantial offer this week from a private investor for a large investment portfolio, reinforcing the message that prime central London remains a hotspot for investors looking to secure a safe long term investment.
 
The message of the week from Lettings is students, students and more students!  We have been absolutely inundated with high net worth student enquiries wanting to get settled prior to the start of the new academic year.  They are coming from all around the world and their tenancies are generally being guaranteed and paid for by their parents.  We do not believe that we will have any studio or one bedroom flats left for letting if this frenzy continues.
 
We have noticed an increase in enquiries in all levels of the market and many prospective tenants, particularly families who have avoided London during the Olympics, are now panicking to get settled before the school term begins.
 
We are all looking forward to the Paralympics next week and we do not believe that this will have an adverse effect on either the Sales or Lettings market.
 
We wish you a very happy Bank Holiday weekend.
 
Lucy Morton Senoir Partner



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