The Olympics… Inspiring the London Property Market?

James Rawes, London property consultant at Garrington shares his thoughts on the Olympics and the London property market.

Across London the public opinion seems united; “what an amazing couple of weeks that was”. Whether you were there or simply glued to the TV, you can’t help but have been swept up in the euphoria and feel-good atmosphere of the Games. Whether it is Usain’s ‘Lightning Bolt’ or Mo’s ‘Mobot’, the image from the Games will stay with us for some time. But, now that it has finished, what will be the legacy? For starters, we have the Paralympics to give us that ‘hair of the dog’ cure for the inevitable hangover. Undoubtedly providing even more inspirational moments, the 2012 Paralympics will ensure that the success of London’s iconic events is firmly rooted in the minds of onlookers from around the world.

Perhaps the most successful element of the London Games however, has been the response to the volunteers, all 70,000 of them. Their cheerful and unstinting hard work ensured that all visitors to any of the events felt comfortable in the knowledge they had someone to guide them. Without guidance, many of us feel uncertain when dealing with unknown quantities and the prospect of searching for, negotiating on and ultimately buying a property which fills us with doubt and a lack of confidence.

Over the last few years, the London property market has stood out as a safe haven for property investment. While economies around the world have faltered, or even failed, people have not only flocked to London for the Olympics, but to place their hard earned money in residential property. Inevitably this has resulted in a buyer-heavy market, leading to rising prices and coupled with record low mortgage rates, consequentially leading to potential vendors being in no rush to sell. Time and time again buyers come to Garrington complaining that despite looking for over a year, they simply have not been able to find what they would like, or when they have, being out-bid by eager competitors.

The London property market has also shown recent signs of flux. Sure, prices are still rising but the pace seems to have slowed and agents are reporting that they are not seeing the activity levels compared to previous years. This may simply be a result of the prolonged celebrations we have encountered this year in London. It has certainly been a year to remember. But, are we also seeing an adjustment in the London property market, which is often a symptom of a sustained period of growth? Certainly, the final quarter of the year will be an interesting one for the UK property market and will no doubt give us a good indication of what we can expect in 2013.

All this results in more questions that need to be asked before you part with your hard earned money. Not only for when that elusive property you have desired becomes available, but for when you need to be the first across the finishing line. With the service Garrington provides, you will feel secure in the knowledge that you are receiving the best advice, the best guidance and you are giving yourself the best chance of winning the race.

The Olympic and Paralympic legacy may simply be that, with a little help, we can all be winners.

For further information on Garrington contact +44 (0)20 7099 2773 or email info@garrington.co.uk or visit www.garringtonlondon.co.uk

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