After the challenges of last year, we have no doubt seen prices coming down. Brexit and stamp duty costs being the most commonly quoted reasons. However, London is the pre-eminent property capital of the world, and this malaise will not last. Already many forecasters are suggesting that we may have seen the bottom of the market, in the prime areas, with buyers coming back. Some strong sales have been seen recently including a £40m house sale in January in the Boltons, and a £17m house sale agreed in December in Kensington.
In the past where we have seen a declining market, it is only with hindsight that the bottom of the market can be identified, often a couple of months after the start of the rising market, due to the nature of of reported sales. Negotiations over Brexit are moving forward, and a positive outcome is the most likely scenario as it will suit all concerned. When announced markets will move quickly in anticipation, including the currency markets and this may close down another discounting tool if using overseas money.
So, what should a buyer be doing? If you are serious about buying in the next 6 months, now is the time to start looking. At Rickman properties we have access to properties across central London, many not openly being marketed via Rightmove etc. Our cross agent systems mean we can be your single point of contact, making the search easier for you.