Estate Agents Are Now Giving Away Cars In Order To Try And Tempt Buyers In London

A car, John Lewis vouchers, iPads and travel deals. It’s all in the package as London's property market slows down.

Estate Agents Are Now Giving Away Cars In Order To Try And Tempt Buyers In London

by Pierangelly Del Rio |
Published on

Ever wanted to win an iPad? How about a new car? Now, you can do it, but you might need to buy a property in London first! Apparently, struggling developers are trying to persuade potential buyers in the capital by promising iPads, travel deals and free furniture for home buyers. What it once upon a time was regarded

London, which was once upon a time was regarded as the super-hot centre of the UK's property London has become what Garrington Property Finders now call the 'burn out core'. Prices are stagnating and buyers are nervous as potential rises in interest rates loom on the Brexit horizon, as a result estate agents are having to get creative in order to come up with creative ideas to attract clients.

Despite the fact that house prices are falling significantly in the capital, actual sales are still low and the number of properties sitting on estate agent’s books has significantly dropped.

The Guardian reports that developers are trialling various perks as a potential solution for shifting their new builds. One development in Muswell Hill, for example, promised to give away a Renault Zoe electric car, priced £18,905, to any buyer. Other benefits include furniture packages up to £20,000, three-year travel passes and John Lewis vouchers, plus prosecco gourmet pizza and an iPad to those ones who pay the initial £2,500 deposit.

Obviously, this is NOT a sign of desperation, developer Jamm assured. The firm's director Tim Jackson commented to *The Guardian: '*There is a lot of nervousness out there with the election and Brexit, and buyers are looking for excuses not to buy. We’re giving them reasons to buy.'

On the other hand, despite the obvious problems with this country's private rental sector (especially in London), experts are now saying that renters will be the real winners in the post-Brexit property market. According to reports, tenants across London are paying about £100 less than they would last year, and the average monthly rent fell from £1,297 to £1,203.

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This article originally appeared on The Debrief.

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