Vendors being more realistic in Central London

In 2007 the problem was simply a lack of property for sale in London that was driving prices forever upwards. In 2008 there has been more stock coming on to the London property market, yet turnover of properties as any London estate agent will testify, has been slow.

There are signs of a new sea change in the market. Chard's London estate agents offices are reporting that vendors are slowly coming to appreciate the new realities of the market. There hasn't been a problem with demand - there were and still are plenty of buyers out there. They've just felt that the market was overvalued and have looked at multiple properties sacrcely daring to make offers - and when they have offered to find vendors dismissing them out of hand.

There's evidence mounting to suggest that vendors are starting to take a more realistic approach to sensible offers. A prime example, is a flat just agreed agreed through Chard's Notting Hill & Kensington estate agents office. Tim Kane, manager of Notting Hill property sales explains: "Having viewed a property for sale in North Kensington late last week with a young family looking for a garden flat I received an offer by the end of the day! The offer was well within market expectations and I was confident my client would accept! To my dismay and surprise the vendor declined and my applicants were not willing to increase. Monday morning my first call was to my client. Having had chance to consider the offer over the weekend and discussing my current views on the market the vendor finally accepted! Another sale agreed in Notting Hill! Vendors need to made aware this is a completely different market to what they are accustomed to and any sensible offer should be carefully considered!".

If June's sales figures at Chard are a yardstick, it seems that vendors are now being more realistic - whilst at the same time buyers are out there; ready, willing and able to find new homes.