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Sales Market Comment - Autumn 2022

By Eitan Fox  //  Fri 28th October 2022
Well, what a seismic period of time we find ourselves in. The war continues to rage between Russia and Ukraine. The effects domestically along with the Covid pandemic are high inflation, rising living costs and rising interest rates.

In the summer we paid tribute and thanked the wonderful reign of Her Majesty Queen Elizabeth II and welcomed King Chares III who acceded to the throne.

The Conservative party voted for Liz Truss as the Prime Minister and her disastrous term in office lasted just 45 days.

In that time a calamities mini-budget saw the pound plummet to its lowest level in 37 years against the dollar and weaken generally against all currencies.

The Government acted quickly and with Rishi Sunak overwhelmingly voted as the new Prime Minister, hopefully stability to the equity markets and confidence in the pound will return. Well, what has that all meant to the Prime Central London Residential Property market. 

Actually, not much has changed.  It has remained incredibly strong. The weak pound has encouraged overseas buyers to invest in the market with currency conversion savings of 20-25%. 

Vendors have not had to drop their asking prices or necessarily lower their expectations because overseas buyers are willing to pay market value for property knowing that they are making a substantial saving through the currency exchange. There is still a high demand for the best properties in prime addresses. 

We also experienced a greater demand for fully modernised turnkey properties, as applicants prefer to avoid the hassle of modernising.

As rents continue to soar we are already seeing applicants who would typically choose to rent, decide as there is a greater choice of property it is more cost effective to buy.

We will continue to monitor the economic and political situation until the end of the year but feel there will be many opportunities for both vendor and buyer. If you wish to discuss any property matter if you are considering to buy or sell a property in Central London, then do let us know.

Offices at

Marble Arch
29 Edgware Road
London
W2 2JE
f: 020-7258-3090
Knightsbridge
34 Beauchamp Place
London
SW3 1NU
f: 020-7581-7005