Properties in Marylebone Take Just One Week to Sell

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A surge in demand among homebuyers looking for a prime property for sale in Marylebone has cut the average time it takes to sell a home in the area down to just seven days, according to leading Marylebone estate agents Sandfords.

London, United Kingdom., October 24, 2011 - (PressReleasePoint) - A surge in demand among homebuyers looking for a prime property for sale in Marylebone has cut the average time it takes to sell a home in the area down to just seven days, according to leading Marylebone estate agents Sandfords.

The company has seen a rapid rise in interest in Marylebone property as a consequence of the Eurozone crisis, with 60 per cent of properties sold over the last month going to cash-rich Europeans as well as those from the Far East.

Andrew Ellinas, Director of Sandfords, said: "These buyers, from Greece, France, Italy, Germany and Spain in particular, are keen to move some of their wealth into the stability of prime London property but a quarter end up choosing to make Marylebone their primary residence. Demand for properties priced between £1.5 and £4million is intense, resulting in properties selling within an average of just seven days."

Despite strong demand for homes in London, the supply of new residential properties coming onto the market remains at an historical low, placing upward pressure on property sales activity in Marylebone, which in turn is pushing prices higher in the area.

Historically in Britain, residential property prices demonstrate a distinct spatial pattern over time, rising initially in a cyclical upswing in prime central London, led by areas such as Marylebone, before spreading out across the capital. This is known as the ripple effect.

Sandfords specialise in the sale of properties in prime residential areas, most notably, in the Regent's Park, Marylebone, Marylebone Village, St John's Wood, Primrose Hill and Little Venice areas.
 
The firm's lettings division also offers premium homes to let in prime central London, including property to rent in Marylebone. The lettings team has extensive experience in the London premium lettings market.

For press enquiries and property photos please contact Sandfords
www.sandfords.com

T +44 (0)20 7224 4994 F +44 (0)20 7224 4989

Notes to Editor
Sandfords' Marylebone office is located at the heart of the Marylebone Village, just off the northern end of the High Street. It covers the area on either side of the Marylebone Road. To the north, our Regent's Park office handles the Park itself, St John's Wood, Maida Vale and the area towards Paddington. To the south, the Marylebone Village office deals with properties down to Oxford Street.