Posts with tag: central London

Central London property market optimism remains high

Published On: September 19, 2016 at 11:30 am


Categories: Property News

Tags: ,,

Demand is continuing to outstrip supply in Central London, with one firm suggesting there could be reasons for optimism in the capital during the coming months.

Greater London Properties believe that constant demand is giving reasons positivity in the sector.


Rightmove has seen an increase of 13% in property searches during 2016, with the opening six months of the year seeing more visits to the portal than in 2015. Rental stock has also seen a surge of 270,000 properties, a rise of 11.6% year-on-year.

Rob Hill, of estate agency Greater London Properties, expressed his positivity about the future. Hill said: ‘the advantages of working in rentals and sales in Central London is we are able to see changes made by external factors like Brexit and Stamp Duty almost instantly and can respond equally as quickly. Adopting a wait and see approach is a very traditional method. Agents need to value realistically, something that hasn’t been happening for a long while now. Plus managing vendors’ expectations is incredibly important and daily/weekly feedback on viewings including applicants reactions can help achieve this.’[1]

Central London property market optimism remains high

Central London property market optimism remains high

‘Since Brexit there has been a noticeable drop off in the percentage of properties actually going through to exchange however there are buyers out there with the confidence to buy at the right price and the usual investors returning to market after the summer months.’[1]

Our sales properties that were under offer prior to Brexit and post result had fallen through, have all gone back on the market and been sold within days – 80% of them actually went for higher than the previous offers on the table.  It’s an extremely optimistic market in my opinion, for both vendors and landlords alike,’ he added.[1]



Prime Central London Property Market Continuing to Drop

Prime Central London Property Market Continuing to Drop

Prime Central London Property Market Continuing to Drop

The prime central London property market is continuing to drop, according to the latest report from Knight Frank estate agents.

It found that the amount of applicants decreased by 30% in September, compared to the same month in 2014. House prices also fell, by 0.3%.

The number of properties exchanged in the three months to the end of September was around 17% less than in the same period last year.

A partner at Knight Frank, Noel Flint, believes that currency fluctuations and Stamp Duty changes are deterring foreign buyers from the London market.

He says: “There are far fewer Russian buyers in London looking to spend £5m to £10m. Their budgets have been trimmed, as the rouble is a fraction of what it was. Ditto the Far Eastern buyers.

“Now the pound is so strong, London is not seen as such good value for money.”1

As a result, Knight Frank has reduced its annual house price growth forecast for 2016 from 4.5% to 2%.

Even if you do not own a property in the prime central London market, it is important to be aware that trends in this sector can spread to other parts of the capital, and sometimes across the country, particularly the South East.

Ensure you keep up to date with the property market in your area, and understand how it could be affected by what’s going on in London.