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Buyers want to move fast

Catherine Deshayes

New research has shown that, despite the current financial turmoil, those who want to buy a property want to move fast, and London is still attracting much interest.

New research from Rightmove shows that buyers in urban areas, such as London and Birmingham, expect the move through the house shopping process to be significantly quicker than may have been anticipated in the current climate.

For sellers, the key to a quick sale is ensuring their property is easy to find as buyers have less and less time to research or view properties before beginning the purchase process.

The research also found that nearly half of Londoners expect to see between six and 10 properties before finding the right one; a third of Londoners only allow themselves a week to research potential properties before they were prepared to enter the buying process; and property portals are the favoured method for London property searches, followed by local agents' websites and agents' windows.

Miles Shipside, Commercial Director of Rightmove says, "London, as a capital city has always attracted a high level of demand for properties and despite the credit crunch this is still the case.  

"However, the current financial situation has led to a readjustment which will make property prices more affordable, though admittedly still beyond the reach of many as wage inflation has failed to keep pace with property price inflation.

London has actually recorded a four per cent growth in prices in our September figures despite an overall downward trend of minus one per cent nationwide.

"Our research shows that those that are looking to purchase a new property want to do so quickly - but are struggling to find properties in their budget. 

"They are spending less time searching than may have been expected, and actually viewing fewer properties than expected.

"Nearly three quarters of people in London agree that the current shortage of buyers gives people a better chance of securing a good deal," added Mr Shipside.

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