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BARBICAN LIFE


Barbican Flat Watch Our quarterly update on the Barbican sales and lettings markets M


edia coverage of property prices and mortgages has to be about the most contradictory


anything one reads. The comment that property prices have gone up from one survey is invariably almost immediately followed by one which says the opposite.


‘Mortgages are


getting harder to obtain’, said one headline last month, while yet another report indicates that some mortgage lenders are making it easier to raise finance to buy a property. About the only thing all are currently agreeing on is that the Eurozone turmoil, with a potential horrific impact on banks within and outside the common currency area, is causing banks and other sources of finance to raise mortgage rates. More expensive mortgages here,


coupled with austerity, should mean logically that property prices will fall, and have the potential to fall sharply, but so far evidence does suggest that in London at least the prices of higher end property are rising as money flees the Eurozone banks and is looking for non-bank investment elsewhere – and a fair number of Barbican properties


bracket in these terms.


fall into this high-end High up


tower block flats with the better view directions fetch upwards of £1 million nowadays! However to add to this Barbican specialist estate agents are seeing some record sales prices across all categories, although they warn that this could be a temporary phenomenon. As we’ve noted here before as well,


the Barbican is its own micro-market. Flats tend always to be in demand, while at the moment, perhaps for stamp duty reasons as properties get more expensive, people just aren’t moving out and the local Estate Agents have been short of stock for some time now.. Supply and demand factors thus come into play which tends to drive better located and


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maintained properties up in value for the moment at least. Flats here have tended to be a good investment over the years. Indeed if one looks at the Barbican advertising from those


property


Agents who specialise in properties in the estate you will see they are few and far between as far as sales are


concerned. Indeed by the time this


magazine reaches its readers there’s a strong chance that any properties being advertised for sale here will already have been sold or, at least, will be under offer. It has to be some comfort to property owners here that the average time for a newly advertised property to come under


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