The Golden Venn Perspective
Spring 2023

Key indicators show a cautious sales market, with both new instructions and buyers down. However, lenders are expecting a pick-up in demand for mortgages over the next three months as pressure on interest rates will ease with falling inflation.

But we don’t expect a return to double-digit price growth any time soon. Most probably prices in prime London will remain flat for 2024 before they start growing again in 2025. We believe realistic pricing will be key to sustaining and increasing activity levels.

Other drivers for growth might be the currency discount, the returning international buyers over the summer period and the fact that in Kensington and Chelsea almost 50% of the buyers over the last 10 years were cash buyers. These buyers won’t be affected by the notably higher mortgage rates.

We remain cautiously optimistic.