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Home > News > Sales Market Comment Winter 2021 | Plaza Estates London

Winter 2021 market comments by Plaza Estates Sales Director.

By Eitan Fox  //  Tue 19th January 2021
We are confident that London’s Prime Central London property market will remain attractive and that there will be many transaction opportunities.
Towards the end of last year, the prime Central London property market rallied with some positive data and Plaza Estates agreeing a number of transactions. There is no doubt 2020 has been one of the strangest in living memory with many challenges along the way.

The UK finally left the EU with a Brexit deal in place on the 31st of December and whilst no doubt much hard work will be needed a great deal of uncertainty has been removed. Indeed stock markets have rallied and the pound strengthened. Unfortunately no sooner than the good feel factor returned to the economy we saw the UK plunged into a new tough lockdown with schools closed in the shadow of a new and rapidly spreading Covid variant.

Thankfully, the property market remains open. These developments will defer what promised to have been an active first quarter to later on in the Year.

Many of our overseas buyers were planning to get business completed early to avoid the 2% tax surcharge which is being introduced on the 1st of April and travel restrictions will hamper this. With the lack of competition from foreign investors this has created an opportunity for domestic buyers. Any talk of property prices bouncing back will now be put on hold with proactive vendors looking to lower their short term expectations to sell their property.

That being said, the lack of property on the market together with low borrowing rates will balance out any notion of ‘fire sales’.

The Government has also announced that UK leaseholders will now be given the right to extend their leases by a maximum term of 990 years at zero ground rent. We are yet to see how this will be actioned, however in the future this should make all leaseholds far more desirable.

Whether you are planning to buy or sell a property, it is essential that you work with an experienced Estate Agent who can advise both vendor and buyer on the market through research comparable and present and past trend analyses.

Plaza Estates staff each have over 15 years’ experience, some have over 35 years’ experience and we pride ourselves, as an independent family owned company in honesty and going the extra mile with a personal, friendly service. We are confident that London’s Prime Central London property market will remain attractive and that there will be many transaction opportunities.

Do call us if you would like to discuss any property matters.

Eitan Fox

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