Post Spring budget market comment 2017
Although many property professionals were hoping for the extra stamp duty for second home buyers to be eradicated, this has not happened and so the market will continue as before.
However, we are speaking to overseas investors, particularly from those countries which are now looking at a price difference of approximately 30% year on year (such as America and Hong Kong) coming back to the Prime Central London market. Instability in Europe may well also bring back investors who, despite Brexit, perceive London to still be the best ‘bet’ for long term capital growth. There are some excellent purchases to be made in Prime Central London and having the advice of unbiased experienced property search agents who can identify the good opportunites is vital. An experienced buying agent will be able to identify the savvy purchases and put you in a strong position and now could be a good moment to take advantage of the current marketplace.
Across the rest of London, the property market is ‘ticking along nicely’ with buyers moving for all of the usual reasons, such as buying a first home or upsizing to the next family house. Agents are reporting active markets particularly up to the £1m level. However, they are not predicting any significant price increases at this point.
Pricing is difficult to understand at the moment with some vendors marketing their property at a very high price, and others who have found what they need to buy or who need to sell urgently offering some very reasonable asking prices. There are certainly some very shrewd purchases to be made out there, particularly in Prime Central London.
Knowing where and what to buy, as well as understanding the correct price, is part of Stacks London Property Search service. Our team are on the ground all day every day speaking to agents and contacts across all areas of London so when you are looking to make one of the biggest financial decisions of your life, you need professional and experienced advice. If you would like to discuss our service and your search in more detail, please do not hesitate to contact us.