Greene & Co. predict a shortage of family homes in 2012 in Londonâ€™s most popular family-friendly areas following a surge of registrations in the ÂŁ1million price bracket. Demand for these properties around Crouch End, West Hampstead and Maida Vale, has increased by in the last three months of 2011 as families opt to stay in the capital to avoid escalating commuter costs.
David Pollock, Managing Director of Greene & Co. comments: â€śHomeowners who previously would have moved out of London with a young family are now remaining in the capital and this is creating a shortage of family homes. Buyers are looking for a permanent base which incorporates good schools and green spaces but also has a London village community feel with a host of decent restaurants, shops and quick commuter links to the capital.
Greene & Co. reports that many potential buyers have been forced to rent in the area until the right property comes up, leading to mortgage-ready applicants and chain free sales. Buyers are also happy to carry out modernisation and extend properties to suit their particular needs.
David continues: â€śWe are hopeful that the start of 2012 will bring much needed family homes to the market. Sellers, many of whom will be downsizing after living in the area for some years, can expect a speedy and often chain-free sale. Such is the demand that we have been selling these homes at above the asking prices in the later part of 2011.â€ť