David Brown, CEO of Marsh & Parsons, comments: “An overall monthly dip in property prices in February disguises the fact that the majority of regions are experiencing striking growth. In the capital, annual growth has climbed to comfortably double the wider England and Wales average.
“There have been a lot of stimulants spurring on the housing market this spring and there’s no denying there’s been a palpable buzz in the air. To beat the April 1st implementation of additional stamp duty, second-home buyers and buy-to-let investors have been frantically pushing through purchase completions as quickly as possible. We’ve had documents collected and delivered by hand across London to solicitors to avoid postal delays, and our teams have been in at the crack of dawn to make sure all parties involved in the transaction are meeting their deadlines. This short-term whirlwind should go some way to balance out the slower sales activity seen at the end of last year, but only time will tell how buy-to-let demand tapers off as we enter into new territory. As buy-to-let investors face yet another blow from the banks, the incredibly strong buyer demand were seeing will take the reins, and keep the market on a stable course.”
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