By Eitan Fox
// Sat 10th
Higher property taxes along with political and economic uncertainty have continued to supress prime Central London residential values throughout 2016.
2016 proved to be a very challenging year.
Higher property taxes along with political and economic uncertainty have continued to supress prime Central London residential values throughout 2016. However, as prices have become more in line with buyers expectations of value, the market has become more fluid.
We are pleased to report that December was our most successful month of 2016 which is normally the quietest month of the year. Indeed the volumes of new enquiries have continued to improve for January 2017.
Our view for 2017 is that there will continue to be a shortage of properties coming to the market. Those vendors who are willing to sell will be highly motivated and now know that they must be realistic on pricing and be prepared to negotiate. Our experience through 2016 is that those who followed this policy were successful to that end.
We believe the weak pound will be the main driving force for foreign investors. However, with up and coming elections in Germany and France, this year could throw the EU into fresh turmoil, sending the euro lower but making London’s residential prime property more certain and attractive for non-euro property investments.
We have experienced dollar based buyers already take advantage of the weak pound saving 15-20% on the historical currency level. With Donald Trump the new President of the United States, implementing his own economic and foreign policies, we could see the dollar rise further and London becoming attractive to buyers again.
We believe 2017 will be a time of opportunities for the discerning buyer.