London is seeing a flurry of committed buyers in the run-up to Christmas as investors seek to escape the impact of the eurozone crisis.
This is according to London estate agent Marsh & Parsons which found that demand from investors looking to buy quickly has boosted the number of properties ‘under offer,’ despite the normal seasonal slowdown in buyer activity across the wider London prime market.
In November, the number of properties ‘under offer’ with Marsh & Parsons rose to 177 - a 21% increase compared to November last year. As a result, the overall total value of properties under offer rose by 19% compared to the previous November.
However, it is not just an annual increase. The number of properties under offer in November increased by 9% compared to October - at a time when the number of properties under offer traditionally falls in the run-up to Christmas.
In contrast, the total number of buyer registrations has fallen by 9% in the last three months, compared to Q3 2011.
Peter Rollings, CEO of Marsh & Parsons, commented: “Buyer demand tends to slow in the run-up to Christmas, but a corps of committed, less speculative buyers has hit the market recently.
“While general buyer demand has been more muted in autumn, those looking to buy are moving quickly, and this has triggered an increase in the number of offers being made. However, this is not simply down to families looking to move before the New Year.
“We are seeing a flight to high quality real assets from both international and UK buyers.
“As investors increasingly see their assets exposed to the meltdown in the Eurozone, a growing number are heading for the financial security and strong yields provided by property in the capital - with a new urgency.”
