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Sales Market Comment Summer 2019 by Eitan Fox

By Eitan Fox  //  Thu 6th June 2019
We have been contacted over the last couple of months by many of our returning clients looking to take advantage of the favourable buying conditions.
This time of year is normally an optimistic time for the prime central London property market. However, the uncertain political situation with the forced resignation of Prime Minister, Theresa May and the still unresolved Brexit policy means that for many they are waiting on the future political outcome.

The impact is that the British pound has weakened and for many overseas investors willing to take a five plus year view on the residential London market they could take advantage of the very attractive currency rates. This fuelled by the considerable price correction in residential property value makes buying a property in London a ‘Perfect Storm!’

The property market has become split into three categories.

  • At the bottom of the market are studio, 1 and 2 bedroom flats. Here activity has remained consistent with affordability.

  • At the top end of the market, the super-rich have re-entered the market taking long term views on their property assets and snapping up bargains.

  • However the middle market of 3-4 bedroom flats and houses, the activity has slowed to a crawl and has yet to recover any momentum. This market area is most deterred by stamp duty rises, sliding prices and Brexit uncertainty.

We have been contacted over the last couple of months by many of our returning clients looking to take advantage of the favourable buying conditions.

Having sold a large number of properties recently in Knightsbridge and South Kensington, we expect more like minded investors to re-enter the market and take advantage of the lower prices and attractive currency rates. This could reap savings of up to 40% from the height of London’s prime property prices in 2014.

We would be pleased to discuss your future property needs.


Eitan Fox

Director

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