While 2017 saw a readjustment in prime central London property prices, there are signs of the market bottoming out. Average prices fell by just 0.7% in the year to December, the lowest decline since June 2016. Sales volume remained steady, with Q4 seeing a 3.8% uplift on the previous year. In a similar vein, the rental market saw a double figure pick- up in tenancies agreed January to November last year, compared with the same period in 2016. This, together with more encouraging sounds coming from the Royal Institute of Chartered Surveyors (RICS), indicates a more positive market outlook.
Brexit has not in itself been the main reason for the relative slowdown in the prime central London property market. Nevertheless, the uncertainty has had an influence on sentiment. At Golden Venn, we expect sales volume to remain relatively steady in 2018, with some further readjustment of the prices due to higher transactions costs. We believe this will create pockets of opportunity for the discerning investor.
With the FTSE 100 recently reaching an all-time high, together with a stabilising inflation rate and talk of a ‘soft’ Brexit, we see a London which is reaffirming itself as a safe place to invest.
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