North London is continuing to experience a rise in interest among buyers keen to live in the area. We've registered a 22% increase in buyers compared to the same time last year and that figure looks set to climb further. The first six months of the year saw a marked lack of stock in North London, which led to fierce competition among buyers for good quality properties.
In spring, we noticed that the market took a bit longer to find its stride, which was largely due to the cold weather, which delayed many potential sellers. However the second quarter saw our buyer intake increase by 46% with an overall year to date increase of 22%, and now that summer has arrived, many home owners are moving and areas such as Crouch End, where our branch hosted eight open days over one weekend, are thriving.
KFH has noticed an increase in registrations at Central and North London branches of approximately 22% compared to the same time last year, which has led to many sales after a process of best and final bids. With the marketplace being as competitive as it is, sellers are relying on other methods to help close the sale quickly and still obtain the desired price.
With the lack of housing stock available presently, more properties are being sold by way of ‘sealed bids’ usually starting with an open day and we are often seeing up to 20 people viewing one property. In addition there are also multiple offers being made and as a result good quality homes tend to sell above asking price.
Going forward, we expect the frenzied condition to ease slightly as we enter the second half of the year with many people holidaying up to September.