This shortage of properties is underpinning house prices, ensuring a more balanced property market compared to the frenzied market of the last couple of years.<\/p>\n
Cash buyers driving demand<\/h2>\n
In many areas of London, overseas cash buyers dominate the sales market and they have been unaffected by recent interest rate rises, so demand from these international buyers has remained strong.<\/p>\n
For example, we have just received a full asking price offer from an overseas buyer on a lovely two bed property in Colindale Gardens<\/a>, on the same day we put the property on the market! \u00a0We are urgently looking for more units to sell at this popular Redrow development \u2013 demand is always strong here and also at nearby Beaufort Park<\/a>.<\/p>\n Hong Kong BNO visa holders<\/a> moving to London are driving much of this demand in NW9.\u00a0 Many are cash buyers and their priority is to buy a home and start their new London life – wider economic issues are not as important.\u00a0 In fact, for these buyers, the continuing weakness of sterling offers an important advantage, giving them greater purchasing power.<\/p>\n <\/p>\n <\/p>\n There\u2019s also good news for buyers who need a mortgage.\u00a0 Interest rates are coming down again from their peak at the end of 2022 so fixed rate mortgages are becoming more affordable and rates are expected to fall further as mortgage lenders compete for new business.\u00a0 This should boost confidence and therefore enquiries.<\/p>\n High spec apartments with good amenities and transport links remain sought-after across the capital.<\/p>\n Our Malaysia and Singapore offices have just seen successful launches of several new developments, including West Hampstead Central<\/a>.<\/p>\n New phases at Royal Arsenal Riverside<\/a> and Colindale Garden<\/a>, are also launching, attracting plenty of interest from overseas buyers.<\/p>\n Other well priced developments selling well include London Square Nine Elms<\/a>, Clarendon<\/a> (Berkeley Group) a mixed-use scheme in North London N8, and Aspen at Consort Place<\/a><\/u> in Canary Wharf, E14.<\/p>\n <\/p>\n <\/p>\n The cost of renting a London property has soared recently, driven by the shortage of properties and the influx of both international and UK professionals returning to London after the pandemic.<\/p>\n Some tenants are paying thousands of pounds in rent in advance \u2013 as much as \u00a350,000 in some cases \u2013 or sign longer leases \u2013 to secure their chosen property.<\/p>\n Zoopla\u2019s latest figures indicate that average rents in London have reached \u00a31,978 a month \u2013 up 15.2% over the last 12 months.\u00a0 Meanwhile, Rightmove reports that annual rent inflation in London is running at 15.7%.<\/p>\n We are desperately short of stock of rental properties across London so are keen to talk to landlords about how we can help them let their property.<\/p>\n Please click here to arrange a free rental valuation.<\/a><\/u><\/p>\n Thankfully, our 19 London letting branches are reporting that the crazy rental demand of the last year is now starting to ease slightly. Demand generally remains very high though, with new, high spec apartments in good locations at the top of most tenants\u2019 wish lists.<\/p>\n Our Wapping branch<\/a> is seeing strong rental demand at London Dock while our Canary Wharf branch<\/a> is seeing luxury developments such as 10 Park Drive and Landmark Pinnacle, new, high spec buildings near London\u2019s bustling financial hub, attract a lot of interest.<\/p>\n In West London, Grand Union<\/u> remains popular. We\u2019ve just furnished a brand new apartment here, which we let within just two days<\/a>.\u00a0Homes are also letting quickly at Verdo Kew Bridge and we urgently need new stock here.<\/p>\n <\/p>\n <\/p>\n The super prime rental market remains robust too.\u00a0 We\u2019ve recently received new instructions in The Bryanston, a collection of super luxury residences overlooking Hyde Park, one of London\u2019s most exclusive locations and the response from affluent senior professionals is positive.<\/p>\n![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2023\/04\/colindale-gardens-final.jpg\")
For borrowers, interest rates are coming down<\/h2>\n
Strong demand for high spec London apartments<\/h2>\n
![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2023\/04\/Nine-elms-final-1.jpg\")
Rental demand remains high, but starting to ease slightly<\/h2>\n
Brand new developments driving rental demand<\/h2>\n
![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2023\/04\/Grand-union-final.jpg\")
Super prime rental demand remains robust<\/h2>\n
Contact us for more information<\/h2>\n