Such is the dearth of supply, that vendors are able to take their sales to sealed bids and achieve substantially more than their asking price.
A local estate agent is quoted in the Financial Times:
Darren Rose at the West Hampstead branch of Parkheath estate agents blamed the lack of supply on the cost of moving and suggested a vicious circle might be developing. Potential vendors were being put off by the cost of stamp duty to be paid when they buy again and the understanding they may have to bid above the offer price for a desirable home.
“We are taking on ten to twelve properties a month when this time last year it would have been twenty to thirty,” said Mr Rose. “We recently took on a 4-bedroom house at £735,000 and had 30 viewings between 11-2pm on the first Saturday.”
A good time to leave the capital perhaps, but no good of course if you want to move locally.
