Commenting, he said: “The choke on mortgage finance is stifling buyers who want to take advantage of the value there is in the property market at the moment – if they haven’t got a large deposit, then they’re simply out of the property game. But there are a lot of people who do have cash to invest, and they’re throwing it into property right, left and centre.
“The London property market is bursting with good quality buyers, keen to take advantage at knock-down prices – even in spite of the lack of mortgage finance available, there’s stiff competition for the best properties. However due to a chronic shortage of stock on the market, the days of gazumping seem to be back, and more and more properties are going to sealed bids. Anyone who thinks they can bid way below a sensible asking price is dreaming.”
