Prime London housing market showing increased transaction volumes

Feb 20, 2017

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Prime London housing market showing increased transaction volumes

As highlighted by the Financial Times on the 20th of February 2017:

“House price cuts and the fall in the value of the pound are breathing life back into the prime London property market, with the number of homes under offer at its highest since before the EU referendum.

After slumping in 2016 to levels less than half of those the previous year, the number of offers in prime districts such as Chelsea and Belgravia rose in January to just 4.5 per cent below the level a year ago, according to LonRes, a data firm.

“This is one indicator of the market over the next few months,” said Marcus Dixon, head of research at LonRes. “People who are serious about selling have realised they need to be more competitive with their pricing, and to entertain lower offers. “There is also the currency play, particularly at the upper end. Sterling has fallen by 16 per cent since the Brexit vote on June 23. Combining these factors could lead to a total discount of 30 to 40 per cent for buyers compared with the top of the market”, said Mr Dixon.””

[Source: Financial Times]