Tuesday, July 15, 2014
Timber! Chinese and Russian rentiers run for the hills
The London market looks to be unravelling dramatically Ã¢Â€Â“ and not just in its prime central postcodes Ã¢Â€Â“ as it appears that buyers are staying away while sellers belatedly attempt to cash in. Sales across the whole of London are sharply down, while supply is up Ã¢Â€Â“ by 32% according, yesterday, to the property website Home. It described the surge in new instructions as Ã¢Â€ÂœstartlingÃ¢Â€Â. It is in central London that agents are reporting the steepest falls in sales as buyers stay away. Richard Barber, partner at Knightsbridge-based W.A. Ellis, said that according to Lonres which tracks all property deals across central London, in June, transactions of houses were down 45% compared with June last year, and all transactions (ie, of flats as well as houses) down by 25%.