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Price rise 'bubble' will burst, warns agent

Completed sales across the Carter Jonas network of London offices during September shot up a dramatic 90% on September 2008, and 45% on August 2009.

It was in September last year that Lehman Brothers collapsed.

The agent’s network of offices in the south of England also reported a rise in completed sales during September, up 56% on September 2008. However, across the entire national network, the average increase was up a smaller 32% on September 2008

In branches in the north, sales volumes last month were the same as in September last year, showing the patchy nature of the different markets.

The entire Carter Jonas national network is now reporting a lack of new instructions.

Another central London agent, Cluttons, said prices are now being achieved in excess of the August 2007 peak “as a direct result of the current stock famine”.

The firm added: “Despite recent reports that accidental landlords are once again flooding the sales market, Cluttons has not experienced any increase in sales stock

“Many of these landlords are in fact tied into two and three-year fixed buy-to-let mortgages, leaving them no option but to continue letting out their properties for the time being.”

James Hyman, Cluttons partner for residential sales, warned: “This price bubble, caused only by the temporary acute shortage of homes for sale, will not last forever.”

 


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