Comment: London buyers with cash to burn stumped by lack of available homes

This is an age-old shoppers dilemma. Now you have some money and an idea of what to spend it on. You’re finally able to spend your money and you’re able to find something you like on the high street or the internet. Normally, the biggest barrier to buying a London home is money. But those with money, and there are many of them, are not being discouraged by a 0.25 percent interest rate increase or a 7.8 percent increase in asking prices. They are being held back by a shortage of homes to purchase. But why would they not want to sell when buyers are eager to buy and prices are rising? Partly, it’s because second-steppers who have homes to sell are now settled. They have been replaced by city-flat-hungry first-time buyers who are looking for properties to rent. Anthony Codling, a property analyst, says that there is no evidence of a decline in sales. According to Codling, “it’s a case where homes are flying off the shelves rather that the shelves being empty.” It may be a long wait for dedicated shoppers.