London's prime property market improving and transactions up

“Transactions are substantially up in the prime London market – the number of people exchanging contracts has risen about 70% from January following excellent buyer registrations in the first quarter. Admittedly the volumes are still fairly low and the increase is from a low base, but there are continuing signs of improvement in the London market.

Unfortunately gazumping has also made a comeback in the past few weeks as there’s a severe lack of stock for sale, and a huge amount of interest from cash buyers at all levels of the market. The lack of mortgage finance is still curbing volumes, but prime property is far less affected by the credit crunch. Buyers with the purchasing power can see how much value there is in boroughs like Kensington and Chelsea and Mayfair – they’re competing hard for the best properties.”