During January to March eMoov sales figures showed London property prices achieving an average of 102%, with some sales achieving up to 17% over the asking price.
eMoov have seen sales performance between August and the end of October has mellowed to 99%, a decline of 3% since the start of the year, but London sales volumes increased during the summer as talk of the cooling market began to surface. This hasn’t stopped property buyers as the online agent has seen transactions rise by 55% over the past 3 months in comparison to Q1 of 2014.
Last month, eMoov released its quarterly Property Hotspot Index. It highlighted a cooling demand for London properties. In February 55% of all properties listed in London had an accepted offer on them, this dropped to 50% in June and in September this had slumped down to just 41%.
Property Expert Russell Quirk, CEO of online estate agent eMoov.co.uk commented:
“Our sales statistics show both a decline in demand for property in London and an increase in inventory as sellers look to cash in before the potential drop in house prices. The fact is, there are now more properties available for buyers, so they can be more selective about offering. The power shift has moved slightly, and we face a more balanced market. However, we continue to outperform our high street competitors“
