London agent reports improved buyer demand despite the Olympics
18-08-2012
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The impact of hosting the Olympics failed to derail London’s sales market, as determined buyers took advantage of quieter streets and roads to secure properties ahead of the traditionally busier month of September.
Between the 27 July and the 12 August, the number of property sales agreed by Marsh & Parsons rose by 23% compared to the same period last year. The number of sales agreed was also 35% higher than during the same 17 day period in 2010.
The improvement in sales agreed came despite a substantial reduction in the number of buyers registering. In the Olympic 17 days, there were 30% fewer buyers registering than in the same period a year ago.
In turn, there was a 22% reduction in the number of viewings compared to last year, with many speculative buyers opting to avoid feared congestion in central London until the end of the Olympics, or distracted by the Games.
‘While many potential buyers were glued to their TVs and seats at venues rather than out viewing homes, London’s housing market didn’t grind to a halt by any means,’ said Peter Rollings, chief executive officer of Marsh & Parsons.
‘The traffic chaos and logistical problems feared in the run up to the Games thankfully failed to materialise, and a corps of committed buyers moving with urgency actually took advantage of quieter streets to secure homes. In fact, with roads emptier than usual for this time of year, buyers actively looking to purchase homes ahead of the traditionally busier post summer holiday period found getting to and from viewings a much smoother process,’ he explained.
‘With the Olympics serving to provide incredible global publicity for London, showing the city in its best possible light, we expect it will have a significant long term impact on its appeal as a place to live for both domestic and international buyers,’ he added.
