Article DetailsWest Hampstead Property Market Market Bucks the TrendDuring Credit Crunch |
| Date Added: November 24, 2009 11:35:33 AM |
| Author: S George |
| Category: Property & Accommodation: Estate Agents |
| An Estate Agent would never predict the twists and turns of the UK property market, nor claim to understand the ‘ins and outs’ of the UKs current financial situation. But what West Hampstead Estate Agent has learned, is that the past 50 years, the London property market has always recovered from any lows it has had to endure, and that some areas are resistant to even the harshest economic climate. “London has a shortage of properties and all the experts say that this shortfall is only going to increase. If you are thinking of buying a home or are already a homeowner, your London property investment is safe.” It seems that your West Hampstead London property could be safer than most. When the Northern Rock storm broke in September 2007, the property market reacted directly; confidence quickly left and property prices started to fall, and carry on falling. The duration of the downturn and the impact varied across the UK, but in North West London, Paramount Properties Estate Agents reports that the property market was never stagnant. Prices reached the bottom point in late 2008, and of course there were fewer sales, but as supply dwindled-as homeowners buttoned down the hatches against the worst of the economic crisis across the UK, so demand for property in West Hampstead increased. Paramount Properties Director of Sales Robert Lazarus said “At the worst of the downturn, we saw properties being agreed at 20% lower than their 2007 peak; in some cases, homeowners moving up the market were agreeing some great prices to purchase but became so desperate to sell, they were agreeing to offers at 24% off 2007 figures” West Hampstead has a strong and varied market which recovers quickly following recession. So what makes the West Hampstead property market more resistant than the rest of the UK? Paramount Properties Estate Agents believes the West Hampstead demographic is its shield. ”Across the UK, areas that have a more general mix, young families and the elderly, people tend to stay put in the bad times and the first time buyer was unable to find the 95% or 100% mortgage they would need to buy a home. These factors, which put the brakes on the property market do not apply to West Hampstead. Here, the market is largely made up of young professionals, working in the city, with good incomes, able to source the large deposits needed for mortgage approval, and willing to ‘risk’ investment in a market they are confident about and in an area they like. West Hampstead and the surrounding areas have a great many shops, restaurants and great transport links. They know that the biggest investment they are likely to make in their lives is ‘safe’" Paramount Properties are independent agents for London Property Sales, London Property Lettings, London Property Management, UK Property Investment, UK Property Development and UK Commercial Property. Please feel free to browse through our daily updated residential property sales database of houses, flats,studios and aprtments for sale in Brondesbury, Cricklewood, Hampstead, Little Venice, Kensal Rise, Kilburn, Maida Vale, Mapesbury Estate, Queens Park, St Johns Wood, South Hampstead, West Hampstead and Willesden Green Our office in North West London is a thriving 21st Century environment specialising in West Hampstead Property Sales , West Hampstead Property Lettings , West Hampstead Property Management , West Hampstead Property Investments , more of a property centre than an ordinary West Hampstead Estate Agents |
