As we move into the festive season, and with Brexit-related news still dominating the headlines, the property market across London remains under pressure. On one end of the price spectrum there is pressure to increase supply of affordable homes and on the other end, demand remains weak. The increased market activity that was driven by the drop of the pound did compensate but it wasn’t sufficient to reverse the trend.
There have been winners though. Some buyers are managing to acquire coveted properties in the most sought after areas at prices which two years ago, would not have been achievable. This discounting is particularly strong in the large ‘new build’ developments in and around central London.
As for period/historic properties in prime central London, price reductions are far less common due the their uniqueness. We tend to favour this segment of the market as it is more resilient in the longer term due to its inherently limited supply.
We expect the first months of 2017 to replicate the current trend, offering investors good buying opportunities. Later on in the year, with more clarity on the Brexit negotiations, the property market will rebalance and buyers who were able to see through the haze and act early will be those reaping the most reward.
