We broke our all-time property sales record last year. This year has begun
vigorously with sales peaking in January 2010 to the highest level since
our humble beginnings back in 1987, and we continue to have a high number
of viewings. Purchasers are anxious to buy prime properties as soon as
they come onto the market. Even with the election sales are still being
agreed in significant numbers, many of which are going to sealed bids.
Last year 50 % of purchasers were cash buyers, 60% were UK/EU buyers and
40% international buyers. One third of buyers purchased as their main
home, another third acquired pied-à-terres and the final third were buying
as an investment.
Where will the market be in the next quarter?
If interest rates remain at current levels we don't believe the election will affect the West End market unduly. Now is still a good time to sell,so strike while the iron is hot.
LDG rentals have also had a record year, enjoying its highest record of rental renewals in 2009. Despite the market experiencing a slight downturn last year, LDG already had a number of measures in place toprotect its landlords. These included only using leading reference agencies and ARLA approved and regulated contracts, regularly upgrading management software and guiding on legal expenses and rent guarantees.West End properties are always in high demand and during the summer, from June onwards, we expect a high level of activity in the international student sector. LDG currently acts for substantial property developers and, on behalf of Derwent London, will be launching "Eight Rathbone" imminently
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