‘Wait and see’ approach blamed for fall in number of transactions
Between July and September, the number of transactions in central London fell 3.6 per cent despite Chesterton Humberts’ report that stock levels were up 13.5 per cent.
The report suggests that this is due to an increasingly common ‘wait and see’ mentality from both buyers and sellers who are confused by a lack of clarity over proposed tax legislation, a problematic mortgage market and wider economic uncertainties.
“There is still a gap between buyer and seller expectations, albeit having narrowed slightly," said Nick Barnes, head of research at Chesterton Humberts. "Sellers are willing and able to hang on until prices rise to an acceptable level and so are reluctant to adjust asking prices, while buyers bide their time until the ‘right property’ at the ‘right price’ becomes available, thereby reducing market liquidity.
"This gap, combined with a more protracted due diligence procedure from both solicitors and banks, is adding to the general uncertainty about the future and holding transaction activity back.”
Life & Style blogs
Other popular areas include Didsbury, Clifton in Bristol, central Cambridge and West Bridgford
Doctors are allowed to have personal beliefs, just as long as these beliefs do not interfere with th...
BBC journalist Justin Webb talks about his experiences of the advances in preventing heart attacks a...
- 1 Tottenham to smash pay scale with £150,000-a-week contract in attempt to tie Gareth Bale to club
- 2 Austerity has hardened the nation's heart
- 3 Gay couple beaten in park urge MPs to moderate language on gay marriage
- 4 Be more professional! GCHQ staff rapped as WikiLeaks founder Julian Assange reveals messages that he says point to 'fit up'
- 5 Top A&E doctors warn: 'We cannot guarantee safe care for patients anymore'
BMF is the UK’s biggest and best loved outdoor fitness classes
Win anything from gadgets to five-star holidays on our competitions and offers page.
£28000 - £34000 Per Annum: The Green Recruitment Company: The Green Recruitmen...
£250 - £300 per annum: Progressive Recruitment: Front end Developer - Havant -...
Negotiable: Randstad Education London: An Ofsted graded good school are lookin...
£15000 - £18000 per annum: Capita Education Resourcing Permanent Team: Looking...