London’s home prices have grown at a slower pace than those in the rest of the country. Still, given the uncertainty around Brexit, the 2.8 percent growth over the last 12 months to July shouldn’t be a cause for despair.
Active interest in prime central London property
Real estate agents London have seen a steady demand for prime central London properties. In August, home prices fell 0.2 percent but sales activity was strong, with a greater number of residential exchanges between January and June this year than the same period last year. Sales volumes were up 21 percent in June and July compared to 2016. Despite the optimistic sentiment, buyers were less willing to compromise on price. Even so, high value properties performed better than their low value counterparts.
Decline in sterling good news for foreign buyers
For foreign investors and buyers, the fall in sterling has effectively reduced their out-of-pocket costs and handed them up to a 20 percent discount post referendum. Even EU nationals can snap up London properties for 16 percent less. It is wait and watch mode for the few who fear a further drop in pound sterling and aren’t calling up their London estate agent just as yet.
If you would like your central London property valued for Sales or Rent, please give me a call and we can arrange a convenient time – 0207 113 1066.
Rob Hill, Director
Greater London Properties