Although political uncertainty has weighed heavily on the prime central London market, a rise in prospective buyers coupled with the lack of supply has underpinned market prices in recent months.
Buyers at the lower end of the market are benefitting from mortgage market liquidity due to falls in the five year swap rate, while overseas buyers continue to enjoy favourable exchange rates. Indeed, a post-referendum sterling low in relation to the dollar means the effective discount for overseas buyers purchasing in PCL has been pushed higher.
At Golden Venn, we have seen an increase in market activity over the past two months and believe that the combination of London’s enduring appeal, reduced supply and a weak pound mean that buyers are poised to return as the uncertainty around Brexit subsides.
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