Saturday, 30 May 2009

Gazumping returns to London?

Is this an example of the fabled 'green shoots' or just the dead cat bouncing...
Gazumping has returned to the top end of London’s property market, estate agents say, as the number of buyers starts to outstrip houses in some of the capital’s most sought-after areas.

Sealed bids, which estate agents use in periods of high demand to extract the best price from competing buyers, have also been seen for the first time in 18 months.

Furthermore, the number of cash buyers has risen to unusually high levels, agents have reported.

Logically, based on historical examples, the market should continue to fall for another few years. But who knows with the amount of money being poured into the markets.

We live in interesting times...

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