Property in London UK is experiencing an unprecedented property boom for it’s luxury property. The United Kingdom’s capital is attracting the wealthiest property investors who have big bucks to spend. These individuals are not fazed by huge price tags never seen before in the UK. The consequence of this inward investment in London’s property market is that demand is outstripping supply. This has caused property prices to spiral out of the reach of many Londoners. The desire to have that ‘must have’ piece of London real estate is causing the unsavoury practice of gazumping. The industry has also seen London estate agents over pricing to win business from speculative London property owners.
London Evening Standard newspaper reports that Hometrack the UK house price monitors show that the value of homes in the capital went up by an average of £2500 in the month from august 06 to September 06. London home owners are laughing all the way to the bank. However this is only part of the picture property in Kensington and Chelsea rose on average by £10,000 in the same period.
Charles Puxley of Chelsea estate agent agency Carter Jones said ‘Prices are surging because demand far outstrips supply. This is encouraging gazumping and unfortunately, many agents are grossly over-valuing properties in order to get instructions’
Gearge Trollope London estate agents for Knightsbridge and Belgravia “ We have freehold houses being sold as soon as they come to the market and demand is increasing’
