Half Page Comment 23/4/09 12:02 Page 1
MARKET COMMENT
Luke Ellwood, partner at Knight Frank Richmond, turns away from the doom
and gloom to some brighter prospects for the quarter ahead
W
here is the bottom of the property market and when lower prices have contributed to a visible increase in sales. At
will we reach it? This is a question that the team here Knight Frank, we have even seen some instances of competitive
at Knight Frank Richmond has constantly been asked bidding, particularly from buyers looking to relocate from
in recent times – and one that is, of course, impossible to answer.
overseas.
One can really only spot the bottom once it has already passed
The weakness of sterling has aided international demand for
and there has been a little time to reflect on the events of recent
property in the prime areas of London. Indeed, current exchange
months.
rates mean that there is an excellent opportunity for US buyers
It is clear that activity levels have increased markedly in all
and those migrating from the eurozone to buy at greatly
aspects of our business. Viewing levels are up by approximately
discounted levels. These buyers are aware that this opportunity
50%, as compared with the last quarter of 2008. This, in turn, has
will not last forever.
led to a dramatic increase in offers, as buyers begin to see that
property is once again supplying the best value for money among
Looking ahead, we believe that the various house price indices
possible avenues of investment.
will record further slight falls in the second quarter of this year,
but our experience strongly suggests that the worst is now behind
Traditionally, spring is considered a good time to sell property,
us. Sellers are gradually becoming acclimatised to the new market
and normally brings with it increased stock levels – there
conditions and are now more realistic on price. Very low interest
presently remains a lack of quality stock – potential buyers tend
rates are also helping to rekindle buyer interest, thanks to the
to view the season as the ideal time to jump in. Better weather and
the glory of gardens in full bloom are further contributory
availability of some fantastic fixed rate mortgages.
factors in putting a little extra spring in the collective step, and
Sensible pricing will continue to be the key to any sales success,
despite the traumas of the economic crisis, this year seems to be
and to attract those buyers now climbing cautiously down off the
following the same pattern. fence, as they spot some truly excellent opportunities to buy.
Whilst it is certainly too early to state that all this constitutes a Let’s hope the sun continues to shine on the Richmond area!
significant recovery in the property market, there is evidence that a73 For Knight Frank Richmond call: (020) 8939 2800
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