BARBICAN LIFE
Barbican Flat Watch Our quarterly review and analysis of the state of the Barbican property market.
Evidence seems to be coming in from all sides that London property is going through a strong phase at the moment with real estate data firm Hometrack commenting that London property is being snapped more quickly than at any time since October 2007 when the market hit its peak before the then looming financial crisis. With the similarities of prices seemingly moving higher and higher, but while the country’s economy is at best stagnant, perhaps one should be wary of the 2007 precedent!
That the overall London increases are being seen in the Barbican too is a common theme among the Barbican- focused estate agents, virtually all of whom bemoan shortage of new properties coming to the market at a time when they can sell them almost the day they come in. If one walks past the window of Hamilton Brooks, for example, almost all the Barbican properties displayed in the window are marked as SOLD or UNDER OFFER. One only has to look at the websites of the other Barbican specialist agents to see that they find themselves in a similar position.
The other factor that should be of interest to those selling properties, and also for those looking to buy in that they may have to move quickly, is that good properties are not staying on the market for very long. In London as a whole properties only remained on the market for an average 4.6 weeks – and those in the Barbican will in general sell even quicker as long as they are decently priced and in reasonable decorative order.
Here it is
well worth selling through those agents specialising in the Barbican (they all advertise in Barbican Life) who invariably have clients on their books who are currently seeking properties here. Also, according to Hometrack, property prices in the capital rose 0.7 percent in April, matching March which was the biggest jump since Feb 2010. Anecdotal evidence from the local estate agents, though, suggests that property prices in the Barbican micro market have been rising even faster, as demand is currently exceeding supply.
There is also little doubt that mortgage lending is gradually becoming a little easier. Also government schemes such as
Breton House barrel vaulted one bed duplex ‘penthouse’ for sale by Frank Harris at £799,950
its Help to Buy programme unveiled in March and the Funding for Lending initiative from last year, and recently updated, may well be helping buyers get on the property ladder.
While this may
not directly affect any Barbican would-be purchasers, any stimulus at the bottom of the chain filters up through it as people trade up properties. However this has led to concern s that these initiatives could be starting to feed another house price bubble.
Overall, Hometrack notes that although property prices stuttered and maybe fell back a little overall, they did not drop to the same extent as was seen in many European countries, or in the U.S.
and are again already testing historically high levels relative to income. There is also the international factor to take into account, and this is perhaps peculiar to London, accounting partly for the rising trend being faster here than elsewhere. Foreign buyers are seeing the housing market here as being a relatively safe haven at times of uncertainty elsewhere. Although the UK may be teetering along the borders of technical recession there is not so much evidence of difficult times in London as there is in the old smokestack industry areas of the country.
THE ART OF SELLING ARCHITECTURE
The Modern House has been selling London’s finest Modernist architecture for nearly a decade. By reaching well beyond the limits of the local market, we are able to expose Barbican flats to a much wider audience and thereby maximise their value. Please contact us to discuss how we can achieve an outstanding result for your property.
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