Despite the uncertainty brought about by the much anticipated national elections, the performance of the property market across the UK managed to maintain positive traction throughout February. Figures issued by the Land Registry indicate how in spite of the number of transactions having fallen, property prices in London have increased by 0.6%. Most of this growth is being driven by the sub £2M segment – an indication that the market may be awaiting the outcome of the controversial mansion tax proposal.
The February figures however also show that the vast majority of London boroughs including prime central Royal Borough of Kensington and Chelsea have performed well however with the strongest growth still coming from non-prime areas such as East London.
This apparent investor ‘wait and see’ approach is expected to persist in the very short term probably till the end of May – then with the elections behind us, market confidence should swiftly replace any residual uncertainty across most segments of the market.
