According Marc Goldberg, London Sales Director for estate agents Hamptons International, demand for properties across London was 62% higher this May compared with last year and has been exceptional over the past 8 months, reminiscent of that witnessed in the late 1980s. As a consequence of this sharp increase in demand, Hamptons has agreed 59% more sales than a year ago and the pipeline of transactions pending is at record levels.
The number of new properties coming up for sale is down 10% year on year and there is now an acute shortage of stock in many parts of London. With demand so strong and supply getting ever tighter, prices have jumped by up to 20% in the last 6 months.
