Greater London Properties Prediction of the Central London Sales Market 2023
Summer seems to have flown by with the mix of weather and financial uncertainty the market has moved significantly. The good news for buyers is there are now far more properties coming to market!
Here’s what we can expect...
After a bleak winter the spring market started to gather momentum and that carried on through till the traditional school summer holiday slowdown. Visits to the website, clicks on properties, number of viewings and offers were up almost 30% on the same time last year, showing just how active the market has been.
More properties came to market because of the rising interest rates and several of our landlords decided to hang up their coats and sell rather than rent. Upcoming legislation and potential new tighter regulations by the government on tenanted property is also putting off people who might have chosen to rent rather than sell up.
This Summer
Once buyers became more accustomed to the higher interest rates and as the summer progressed banks have become more competitive in the deals they’re offering, and a certain amount of confidence has come back to the industry.
Despite the national property reports painting a different picture, London property performed particularly well due to many different factors but mainly because of the international nature of our market. The number of Asian buyers from China increased almost 40%.
So, what can we expect as we coast into the Autumn months?
As more and more fixed rate mortgage deals come to an end there will be more property coming to market meaning more choice for buyers. Hence why it is more important than ever for new properties to be priced correctly as opposed to having a hope value attached to them. Staging is always advised for unfurnished homes to create a ‘Wow factor’ and allow your property to stand out from the crowd. Greater London Properties can help with this, please ask your consultant for more information.
Central London will always need Landlords and now rents are at an all time high. Renting in Central London will always be lucrative, even with the looming new regulations so if you would like information on what you need to become a landlord, please just let us know.
Would you like an updated Valuation on your property?
If you are in the market to buy or sell your property, please do give our team a call today on 0207 734 4062 and we can arrange a meeting. Our team are always here to offer honest, transparent advice.
Feel free to check out our website for more information and have a lovely weekend!
Warm Regards