> Sales Market Comment Autumn 2023 | Plaza Estates London
Sales Market Comment Autumn 2023
By Eitan Fox
// Tue 17th
As seasons change the London residential property market enters a new phase of the year.
The summer continued to still feel the effects of rising buying taxes and a correction on asking prices.
The policy of rising interest rates has affected the transaction levels which have tumbled to a record low. But this has had a positive effect on vendors as they come to terms with the state of the market. Many vendors have lowered the achievable price expectation on their property and this with the fact that buyers have reconciled that the new hike in interest rates will now be the norm has resulted in a substantial increase in applicants registering their interest to buy.
The end of the summer and beginning of autumn has seen a healthy increase in transactions resulting on a 30% improvement in agreed sales.
Indeed our Marble Arch Office just took a correctly priced flat on the Hyde Park Estate and with multiple interest they achieved the asking price offer. This was all done within one week from the property being launched.
A similar experience was to be had in our Knightsbridge office with a property in a well run portered building in Knightsbridge Green, achieving interest and a sale agreed in a short space of time.
The news that inflation is falling and the fact that interest rates were not raised has provided comfort to the market place. That the government may be getting to grips with the economic situation not just in the United Kingdom but also the influences of the global economic crises will help provide confidence going forward.
The political unrest remains in Eastern Europe and the situation in the middle east is now under the spotlight.
With interest rates not rising in September and inflation coming down, hopefully there can be more stability in the market and the ‘wait and see’ policy that the market has experienced in 2023 will continue to dissipate.