The number of properties sold by Hamptons International across London and the south of the UK in March 2010 was at their highest since May 2007. The average sale price achieved for properties in London up 16 per cent on March 2009, with some property values exceeding peak market levels of July 2007.
Marc Goldberg, head of Sales at Hamptons International says: ‘March 2010 has been a bumper month for property sales at Hamptons and we are confident that the strong start to the year is pointing to good trading months ahead.
‘A decrease in properties fuelled an increase in prices in the first quarter of the year, particularly in London. However, stock levels are now beginning to improve across the board. Hamptons has taken on 22 per cent more instructions in March 2010 than the previous year, which will no doubt have the impact of reducing inflationary pressure on prices bringing stability for the remainder of 2010.’
The agency cites low interest rates, a strong stock and City bonuses as reasons for fuelling the market. Crucially, however, for London has been the weak position of the pound attracting a high number of overseas buyers to the UK residential market.