The release of pent-up demand, which was held back by Brexit and Covid, has given a boost to London’s £10 million-plus property market. At Golden Venn we believe that in higher value markets – where cash buyers are more common – prices might be protected even as borrowing costs rise.
Prime Central London demand will be boosted by returning international buyers and a weak pound. However, buyers across the market remain wary, especially in lower value markets more heavily reliant on borrowing. Rents have risen sharply thanks to tight supply, and this is likely to continue in the prime markets.
While prices were flat in December, we expect them to be under downward pressure during 2023 before recovering. We believe this will present 2023 with good investment opportunities.
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