Hastings International: New Year Brings Stability for London Property

London Estate Agents, Hastings Direct give their reaction to the news that 2011 is set to be a good year for London property, thanks to a variety of factors including the 2012 Olympics and a general rise in demand. End Quote

(1888PressRelease) February 05, 2011 - Leading estate agents Hastings International gave their reaction today to positive predictions for the London property in 2011. Vendors are predicted to see prices boosted by a shortage of property against buyers interested in response to rising rents. Property in London is also tipped to outperform other areas of the UK, tied to the 'Olympics effect'. Some neighbourhoods should see price rises of 5 per cent or more and the market is expected to remain stable throughout the year.

The Royal Institute of Chartered Surveyors (RICS) Chief Economist Simon Rubinson released his observations to the press that a shortage of property is likely to help price gains. Finding larger accommodation suitable for families has also been a problem in London for some time. Estate agents Hastings International has offices in London's Borough, Shad Thames and Rotherhithe. Their team's response was positive for both vendors and those looking to buy:
"Although this might not sound good from a buyer's perspective, it all depends on the locality and estate agents. For example, we have plenty of excellent quality property in Borough for sale to show to prospective buyers today. And the same is true for out our superb selection of Rotherhithe property - our highly experienced team have sourced the better properties there. As well as studios and one or two bed apartments, we have plenty of family sized three bed roomed homes, plus some very spacious four bed roomed homes. From a vendors view, pricing looks to be both stable and increasing in 2011, which can only be good news for those looking for a genuine reflection of their property's worth."

With London outperforming other areas of the UK, the Centre for Economics and Business Research's chief executive Douglas McWilliams has recently commented 2011 prices are likely to be stable. Other property insiders point to more recent London property price increases coupled with the positive effect of the London 2012 Olympics. There are also indications that the rising cost of rent may tempt more buyers back onto the market. Research from Paragon, a leading UK buy-to-let mortgage company recently revealed 41% of landlords surveyed were planning rent rises in 2011 of at least 4% and as much as 8% in some cases:

"We're entering 2011 with mortgage interest at historic lows, which in itself makes for an excellent time to buy. Then, there's the prospect of a more stable house price market than in some previous years. There are also indications that rent may be rising across the UK this year. All in all, it's a good time to either start to look for your new home, or for a solid investment with a view to renting out the property."

As well as services for buying and selling a home, Hastings International provides comprehensive property management services for those looking to rent one out. To arrange a viewing of some of the better property in Borough, Rotherhithe property or Shad Thames homes or expert advice on letting out property in London, call today on:

Borough Office 020 7378 9000
Shad Thames Office 020 7407 1066
Rotherhithe Office 020 7231 1066

http://www.hastingsinternational.com/

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