The future is bright for sellers in prime locations for early 2010 due to the market being kept buoyant by a scarcity of supply and positive sentiment from buyers about the relative value of property, which has been enhanced by low interest rates and the scarcity of good property for sale. We predict that some momentum will fall away in the run up to the election and would advise those wishing to sell quickly and move on with their lives to bring their properties to the market with no further delay. The capital is forecast to continue to outperform the rest of the UK again as the economy recovers faster than in other regions but this ripple effect brings improvement to the entire country and according to Lulu Egerton things in London continue to improve. Egerton comments, ” As far as the Brits are concerned it is lawyers, barristers, doctors, dentists, private family trusts and entrepreneurs buying rather than the bankers and I have seen a real surge of overseas buyers coming from different parts of the globe than before such as Indonesia and Central China. Many overseas buyers are investing in order to provide a base for children they choose to educate in the UK. Wealth creation and distribution has landed in the pockets of all sorts and it is fair to say the Brits have stepped up their game and have been aggressively buying over the last 5 months which is hardly surprising when taking into account the hugely entrenched owner occupier culture in this country.” Along with prime London homes we predict the prime country house market will remain immune to any gloom and continue to rise by as much as 5% bringing prices closer to 2007 levels. In addition to this, family homes near centres of employment will continue to perform; these include many towns where Strutt & Parker offices are located. Tim Pearse of the Harpenden office comments, “At the higher end of the country house market and prime Central London, modest tax rises and public spending cuts are unlikely to affect those buyers that have capital invested in their homes and linked to the stock market which although still volatile is not unduly unhealthy. For this sector of the market life goes on, children grow up and people downsize, families need bigger houses, people move to be closer to schools, people retire etc. Demand will therefore still very much be there.
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