Market Comment Spring 2018
It has been a long time since we have heard agents sounding as upbeat as they are, and having received significantly more enquiries than usual for this time of year, Stacks London Property Finders are feeling cautiously optimistic about the next 6 months ahead.
So, why the optimism given the impending Brexit? Over the last two years, the London Property market has been stymied by the stamp duty changes, general election, a referendum and, of course, Brexit itself. However, with prices now as much as 20% off the peak of 2007 in Prime Central London, along with interest rate rises albeit small ones, pent up demand and a presumably election- and referendum-free year ahead has propelled both residential and overseas buyers back to the London property market.
Many of the clients Stacks London are currently finding properties for believe vehemently that post Brexit once the dust has settled, London’s potential to offer fantastic capital growth will be renewed with aplomb and so many are seizing the opportunity now.
At the lower end of the market and amongst the UK residential buyers, the slight easement of stamp duty at £500,000 alongside the usual reasons to move have given the market in Greater London a nudge, one big enough to cause a ripple all the way up through the market and, therefore, and ease the bottle neck which was previously making it difficult to move.
However, Stacks London Property Finders certainly advise caution – there is a propensity for over-excitement and rushing into buying something and paying too much for it. WE have already had many enquiries from purchasers asking for our services to negotiate on properties which buyers have already found, but want to have professional representation and this is something we are more than happy to assist with.
Using a buying agent is key in these markets to ensure that you are not paying too much and that what is usually the most important and largest financial decision is made with professional and experienced advice.
If you would like to discuss our services and your potential purchase, please do not hesitate to contact us.