The time from entering the market to exchange of contracts for property in Central London is at an average of 4.7 months, compared to 8.6 months a year ago, according to data from Cluttons.
The property consultants say the shortage of stock for sale in the capital is creating a supply/demand imbalance, with rising demand from buyers now keen to secure a home at the best possible price as the market improves. Consequently, sellers are currently achieving offers typically within 2% of the asking price – nothing like the 30% discounts being demanded by some buyers a year ago.
Cluttons says the viewing to offer ratio is also high, with one in four viewings in July resulting in an offer being made.
James Hyman, partner for Residential Sales at Cluttons, said: “Sellers are being pleasantly surprised by the speed at which they are selling and the price levels being achieved
