Prime Central London Residential market update February 2018
The pricing adjustments in the Prime Central London sales and lettings markets are now diminishing. The sales market continues to absorb the stamp duty reforms which have impacted the market above £3m in particular but, with price falls slowing and greater activity at the top-end of the market, there is now light at the end of the tunnel. The lettings market is facing a more fundamental change with lower corporate demand in core Prime Central London areas, while new developments and more affordable locations further afield see increased interest. These challenges are being hampered by Brexit and slowing economic growth although the weak pound is an attractive aspect for overseas buyers.
- Transactions rise encouragingly
- Prices beginning to stabilise
- Outlook more positive
- Turnover on steady incline
- Rents continue to fall
- Tenants hold the upper hand