Buyer levels on the rise in London despite lack of supply

According to the latest London property comment from estate agents Kinleigh Folkard & Hayward, in Southgate, for example, house prices are stable and there are multiple offers occurring on various properties.

Sarah Morgan, sales manager at Kinleigh Folkard's Southgate branch, said: "Over the past four weeks, we have seen an increase in the number of first-time buyer enquiries, and buyer levels generally are high.

"Buyers seem to be much more confident and we have seen the quality of sales rise as time goes on. However, we are still suffering from a shortage of property in the market."

Meanwhile, house prices in the area remain stable, with the probability that they will soon be on the rise.

Morgan added: "Prices are stable in Southgate at the moment but if the lack of good property for sale and the high level of buyer demand continues, there will undoubtedly be upward pressure on prices in the coming weeks and months."

Likewise, in West Wickham, south London, estate agents are also witnessing a high demand for property but a lack of supply.

Laura Knight, sales manager at Kinleigh Folkard's West Wickham branch, said: "Over the last four weeks, the market has remained steady here in West Wickham and sales have been consistent. However, we have seen three times as many instructions compared to the previous four weeks.

"Although instructions have risen, generally we are still seeing a low level of property supply in the area."

Knight added: "Contrary to reports from a number of financial institutions, we are not seeing falls in house prices in West Wickham."

Elsewhere in London, buyer confidence in Balham is still strong and competition between the different buyers is fierce, according to the report.

Paul Herring, sales manager at the Balham branch, said: "Over the last month, the number of new buyer registrations has not slowed at all, and there seems to be a lot of confidence."