London market starts the year well

Estate agencies in London are reporting that the capital's property market has picked up in 2008.

It appears that doom and gloom predictions for the next 12 months have failed to materialise and the market is doing well after a tricky end to 2007.

Winkworth estate agency has revealed that many of its offices are reporting increased sales, while the buy-to-let market is also said to be doing well.

"Buyers are most definitely back! Agreed sales are up significantly on last January and February," said Charles Peerless, franchisee of Winkworth Clerkenwell & City and West End.

"This upward trend is continuing into February with good levels of both stock and applicant enquiries.

"In the West End we are seeing more stock come onto the market and buyers are returning to a degree, after what has been an extremely quiet last quarter in 2007," he continued.

One Winkworth employee described January as being "the best month ever" for lettings activity.

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