High end property sales and rentals in London saw increased interest at the start of the year due to owners trying to avoid the new five per cent stamp duty, Knight Frank has stated.
Liam Bailey, head of residential research at the property market firm, commented that March saw some improvement in the housing market, with more people "forcing deals through" last month.
"There was no doubt that the winter was pretty weak - December, January and February were all fairly down on last year. The market has really been subdued from last summer, so it did have somewhere to grow and the market has been a little bit better over the last two months," he pointed out.
In addition, confidence about interest rates appears to have improved, Mr Bailey argued."The perception about two months ago was that rates would rise pretty rapidly and that hasn't been the case. If anything, there is the feeling that we might even escape a rate rise this year," he added.
Mr Bailey's comments follow research from the National Association of Estate Agents recording a surge in the level of demand for property across the country in March 2011.
London Property Market News
Tuesday, 26 April 2011
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