Sales and Lettings applicants across London and the South have fallen by ten per cent and eight per cent respectively, compared with the same time last year, according to the latest research from Hamptons International. The seasonal slowdown coupled with the Olympic Games in the Capital has caused a notable decrease in registered applicants across the property industry.
Although applicant levels are down, figures from Hamptons International highlight an encouraging increase in new instructions (17 per cent) when compared with the same time last year.
Marc Goldberg, Head of Sales at Hamptons International says: "Although we usually expect a seasonal slowdown over the Summer, the number of people motivated to register in July lost further momentum due to an early holiday getaway and the arrival of the Olympics. The good news is that new instruction levels are quickly creeping back and we therefore expect to have an encouraging September with an increased amount of choice for potential purchasers."
From a London lettings perspective, the drop in applicants (11 per cent) and increase in stock (45 per cent) has created a significant mismatch in supply and demand. Tenants have considerably more choice and are therefore taking longer to make decisions. This is in stark contrast with the Lettings market outside of London where significant shortages in stock are leading to multiple bids of over asking price offers.
Lesley Cairns, Head of Lettings at Hamptons International says: "The Olympic effect has certainly taken hold on the London lettings market and applicants, specifically corporate tenants have eased their foot off the gas. Although we expect to see a surge in applicants post Olympics, the mismatch between demand and stock levels will continue as we move into the Autumn and Landlord rental expectations together with property presentation will be key for a quick transaction."
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Henrietta Harwood-Smith, PR Manager, Hamptons International
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