> Sales Market Comment August 2014 | Plaza Estates London
Sales Market Comment August 2014
By Eitan Fox
// Sat 23rd
The summer months in London are always a transitional period for the prime central London market.
The summer months in London are always a transitional period for the prime central London market. This year is no exception.
Conflicting reports in the media suggest the price of PCL property are falling. A more accurate report is that there has been a correction in the asking prices but the achieved sale prices are still at the same pound per square foot levels as before.
Certainly the dynamics of buying a property has altered for overseas buyers. The pound is less attractive to the dollar and euro. There has been no negative comment about the euro zone although the suggestion is that the situation is still precarious. However, there is still political unrest in particular the Middle East.
We can report Plaza Estates have achieved some excellent prices for our clients in quick time. Over the last 8 weeks our Knightsbridge sales office has sold over twenty million pounds of prime central London property to buyers from the Middle East, Asia and Europe.
What has benefited the market is an increase in supply of property in the last few months and this has resulted in a greater volume of sales.
We predict that if property is sensibly priced that there will be a continued stream of high net worth individuals buying in the second half of the year.