London Property Prices: Property Market in Centre of the Capital Emerging from Brexit Coma
According to Chesterton’s Estate Agents, its analysis show the epidemic of price reductions is easing as confidence returns to the London despite the continuing political uncertainty during the leadership contest of the Tory Party.
The finding showed that there were 35% fewer price cuts in the first 5 months of the year compared with the same period in 2018. At the same time, the number of home buyers registered across London has increased by 18%.
The highest demanding areas across Central London include Chelsea, Westminster, Mayfair and Knightsbridge. This has increased to 32% in regards to the number of buyers who have registered their interest for these areas.
The Managing Director of Chesterton’s stated, “With confidence comes an acceleration in activity-and that’s what we’re seeing as buyers shrug off the current political uncertainty and the London housing market starts moving again. This has been the most encouraging start to the year we’ve witnessed since the EU referendum result, and the change in buyer appetite is palpable.
A separate analysis from property investment fund London Central Portfolio (LCP) has also uncovered a ‘notable change of sentiment’ over recent months. It has recorded a 37.9% jump in transactions during the last quarter. The biggest rise in more than 2 years and suggests that investors are disregarding the Brexit fatigue.
Prices are also up by 13% on a quarterly basis and 8.2% year on year. This is according to the LCP data. LCP’s Chief Executive Naomi Heaton stated “the wait and see attitude in regards to the EU referendum in 2016 seems to be starting to turn heads of the Brexit deadline of 29th March, with investors wanting to capitalise on weak sterling and discount prices. While the extension of the deadline appeared to have initially inhibited investors’ enthusiasm, there has been a notable change in market sentiment and several estate agents are reporting improved trading conditions. It would appear investors are no longer prepared to sit on the side-lines while the UK makes up its mind.’