Gay Realty Watch: London

London, England, UKWe continue our look into local real estate markets with large gay and lesbian communities. Today, our first destinatio outside the US  – London – home of British modern style and historic architecture. Here’s a sampling of what’s going on in the London real estate market at the moment:

Tenant demand ‘has returned to London’s real estate market’ - In recent months, tenant demand has started to come back to London’s real estate market, according to one industry expert.  Mat Oakley, director of commercial research at Savills, believes that vacancy rates appear to be going down in the English capital city. He stated: “Probably London’s property market is about a year ahead in the cycle of most other European cities, so it went down first, but it is coming back first.”

Property investors set to flock to London show this week - MORE than 6,000 people are expected in Docklands this week for the second Property Investor Show and OPP Live.  Your View Email Print Got a Story?  The event was launched in 2009 and is back at ExCeL from October 14 to 16, with organisers promising 40 new seminar speakers and 175 exhibitors. Last year’s show drew a mixture of first-time buyers, savvy second-home investors and buy-to-let landlords keeping an eye on the market.

UK faces risk of double dip in property - Those looking to buy real estate in the UK should be aware that the country is facing the risk of a double dip in its property market as prices remain elevated.  This is the warning that has been given by the International Monetary Fund (IMF) in its latest World Economic Outlook, with the body describing the current situation as “worrisome”. According to the IMF, house prices are still high based upon traditional valuation yardsticks and governmental intervention may not go far enough to prevent another crash in the market.

Mortgage applications fall 18% in London but ‘pick up’ elsewhere - September mortgage activity may have picked up across the UK – despite a huge drop in applications in London, of 18.1%.  According to the Mortgage Advice Bureau, new mortgage applications for house purchase were at their highest level since February 2008. MAB, in conjunction with London brokers Coreco, were reporting as yesterday the CML said August lending was down 8% on July.

London’s Luxury Property Market Cooling Off - After a long run of price increases and gaudy sales, the luxury London market is slowing down, new data shows. In September, the average price for a home in prime central London declined for the third consecutive month, according to the latest Knight Frank Prime Central London Index. In total, the index has fallen 0.7 percent since June. That may not sound like crushing news, relative to activity in other markets. But London has been on a run of big sales, fueled primarily by buyers from Asia, Russia and the Middle East.