LDG – OCTOBER REPORT.
West End Diary
Investigating the reasons behind this extremely positive picture on the status of our market...
The West End property market over the past few months has seen considerable activity in the sales, lettings and commercial sectors. At LDG, we’ve seen transactions increase across all departments - beating current annual targets compared to 2011 and 2012.
LETTINGS ACTIVITY
June to September is one of our busiest periods. This year we surpassed previous targets and let an average of almost nine properties per week, covering our entire West End base. This consists of Fitzrovia, Bloomsbury Covent Garden, Euston, Marylebone and Soho. Some 90 percent of the flats let were one or two bedroom and a large proportion of the tenants were students, which is what we would expect at this time of year bearing in mind the close proximity of colleges and universities. We believe that during the third quarter, results will show the level of lets will have considerably reduced; as this is one of the quietest times of the year.
The predominant profile of our tenants will be from the private sector, although we think the holiday lets will continue to increase because of the “London scene” attracting people from abroad who want to see the capital at Christmas.
SALES ACTIVITY
The sales market proved the reputation and popularity of Fitzrovia and Bloomsbury alike. There are also sales in Soho and Marylebone in the pipeline – and we hope to have several more coming up! We’ve had some great offers for properties on our books and we expect to build on this in the future.
The purchasers have been predominantly UK-based, but we’ve had some international interest, although we don’t foresee a change in the profile of buyers in the coming months.
COMMERCIAL ACTIVITY
We are delighted that our strength in Fitzrovia continues to increase with a number of exciting letting transactions to businesses in the creative and media sector successfully completing. We have seen and predict that there could be a return of software firms and T & T companies (which historically departed to Silicon valley) finding our area an attractive alternative again.
Record prices have been achieved both selling and renting offices, spanning Bloomsbury, Soho, Marylebone and Fitzrovia - in other words LDG’s Central London patch!
For further information and to enquire about properties LDG is currently marketing, please visit www.ldg.co.uk or telephone: 020 7580 1010.
LDG is a unique bespoke West End estate agents established in 1987 by Laurence Glynne. Since being established, LDG has built a substantial client base and a comprehensive catalogue of property investors, purchasers and landlords who recogniseLDG as estate agency market leaders in the prime West End areas: Fitzrovia, Soho, Covent Garden, Bloomsbury and Marylebone. The company, and NAEA and ARLA member, has both a sales and lettings department, and has recently opened a commercial department to enhance its overall property service.
For further press information, please contact: Laurence Glynne 020 7290 0594 laurence@ldg.co.uk
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