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Brighter Picture for Prime Property Market

After a slower few years, Central London’s prime property market is showing signs of recovery, with an increase in sales volumes.

Sales volumes in central London’s prime market received a boost in the second quarter of this year, indicating a recovery following a temporary slowdown.

The proportion of sales increased by a considerable 23% for properties within the £5 million to £10 million price bracket when compared with the previous quarter.

According to a report from the London Central Portfolio (LCP), the brighter picture is in part fuelled by continued investment in central London property from overseas investors in search of a reliable ‘save haven’ in an increasingly unreliable world.

London’s prime market has been affected by successive changes to stamp duty, in particular an additional stamp duty surcharge of 3% on the purchase of second homes. Brexit, arguably to a lesser extent, also took its toll on the property market. However, the nation’s decision to leave the EU largely contributed to the fall in the value of the pound sterling which, along with low interest rates, has attracted high-end buyers and investors from overseas to the prime market.

A number of large sales and the strong performance from the sale of properties between the £5 million to £10 million price bracket is mainly due to certain factors affecting the market, including favourable interest rates.

LCP’s Chief Executive Officer, Naomi Heaton, said: “This [increase in sales volumes] can be attributed to international home buyers taking advantage of notable price discounts, alongside beneficial currency exchange rates.”

Though growth might be minimal, the report’s findings paint a brighter picture of the prime market, and it remains one of the world’s best investment destinations.

For more on this story, click the link below:

Property Wire

Naomi Heaton

Maurice Shasha

The Property Industry has always and continues to interest me, and after joining Plaza Estates in 2008 I have experienced a market which has taught me alot. In my role advising clients on their purchases (together with our sales teams), managing the refurbishments for them (together with our management and design team), preparing the property for rentals (together with our rentals teams) or sales and being responsible for the Companies digital marketing I have seen the market from various aspects. The market is always changing and it is essential we constantly adapt, which since Plaza Estates was established in 1972 is something the company has always done. We pride ourselves in the personal relationship and service we have and give all our clients and being part of a company which is "big enough to cope and small enough to care" is something I really enjoy.

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B

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We have owned our Flat since 2008, which we purchased through Plaza. Our relationship with Plaza goes back to 1982 when we purchased a nearby flat and Plaza have handled all our lettings since then. I would have no hesitation in recommending Plaza – they will find you a good tenant and ensure your flat is well looked after during the tenancy. Living abroad, you need a professional firm to handle any problems in your absence – Plaza will provide an excellent service.

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