Calm Olympic London attracted prime homebuyers, says County Homesearch

A deserted central London had an unexpected boost to viewing figures for the capital’s prime homes, according to County Homesearch Company’s London branch, as homebuyers took advantage of emptier roads and a less crowded public transport system.

According to a research report from Experian, the number of people going to stores on Friday ahead of the opening ceremony was 10.4% lower than a year ago* and heralded a quiet two weeks in London. 

Jonathan Haward, Chairman of County Homesearch Company comments:

“Many people feared that the Olympics would bring chaos to the capital and had put their property searches on hold until early September. However, with fewer cars on the roads and quieter trains, homebuyers changed tactics and made the most of the much reported calmer conditions, with the result that viewings for properties in prime central London increased by 25 per cent. While there are fewer properties on the market, those selling are still keen to tie up a deal before the end of the summer so savvy buyers may reap more than one benefit from the Olympic lull.”

*Experian report 2012

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Wriglesworth VLog

The key macro economic, personal finance, property and recruitment stories ready by director Fiona Brandhorst

News Headlines for 13th August

Business/Economic
Olympics to pay for itself by 2021 says the CEBR by helping London to generate an extra £1.8bn a year by 2015. Insurers plan their own legal DIY to hammer down the cost of fighting disputes. This could transform Britain’s legal market as insurers aim to exploit new ownership regulations to beef up their own internal legal departments and reduce the amount they spend on handling litigation relating to personal injury, product liability, professional negligence and other claims, according to research by Espirito Santo Investment Bank.
 
Property
Students will pay an average weekly rent of almost £70 this autumn with some paying more than £100. The study by accommodationforstudents.co shows costs increasing by about 2.4% this year. Students in London will be charged the most with a £107.29 average weekly rent.
 
Personal Finance
Coalition clash on Sunday shopping. Senior Tories are pushing for the Olympic extension to remain but Cable says no. A survey by Sainsbury’s Travel Money showed that 7% of Britons who had travelled abroad in past year has fallen victim to thieves with the average value of money or possessions stolen being £414.
 
Recruitment
Unemployment is set to soar if economy does not recover recover soon. The Chartered Institute for Personnel and Development has found that one in three businesses is keeping more staff than needed to avoid losing skills but would enforce redundancies if economic growth did not return soon. PwC says it had received 34% more applications (2,352) for its 100 school and college leaver A level schemes. City bonuses start to recover as job market at 9 month high says Morgan McKinley.

Mortgage Advice Bureau comments on the CML’s lending for house purchase data

Brian Murphy, head of lending at leading broker Mortgage Advice Bureau, said:

“After a strong performance in May, June was a slower month for the mortgage market. However, our data shows the rollercoaster ride continued in July, with house purchase activity bouncing back and purchase activity up 13% on June.

“We saw something of a price war among lenders in July, with HSBC leading the way back below the psychologically important 3% on five-year fixed rates. They’ve now been followed by others and average rates are coming down in the 90% LTV sector too which will help boost first-time buyer numbers in the coming months.”