Keen to listen to our forecast for the Residential Central London Summer Sales Market - 2023?
An interview with Rob Hill, Director of Greater London Properties discussing what our Vendors can expect in the next few months when it comes to Central London Residential prices. With the recent interest rate hikes and other factors - it could be an exciting time for London Property..
I think we can all agree the Sales Market in Central London had stagnated towards the end of last year with fewer sales transactions and less buyers in the market however fortunately the tide has changed.
Since February we have seen more Property Valuations and hence instructions have increased overall. This is due to many factors but foremost Property Owners have seen the upcoming EPC changes and the potential impact the Rental Act will have on their future tenancies and have made the decision to sell. The market has once again gained momentum and the additional stock looks set to satisfy the demand.
As far as values are concerned, Central London is on average below peak prices however in my opinion, with the return-to-work call and international buyers flocking back to the capital, prices will slowly creep upwards over the next few months.
With the recent announcement of the interest rate base rates to 5%, the immediate impact for many people in the UK will be felt in their monthly budgets. However, it is worth noting that four out of five mortgage customers hold fixed-rate mortgages, providing a temporary shield against immediate payment adjustments. Plus, in addition to this 60% of our buyers last year were cash only transactions and the type of people buying property in Central London at their income levels, a shift in interest rates is less likely to cause them an issue.
Please take time to listen to the video in full which takes you through the Residential Sales Market and what you can expect and if you have any questions, please do not hesitate to call me on 0207 734 4062.
If you would like a Sales Valuation on your property, please get in touch and we will organise this at your convenience.
Warm Regards
Rob Hill, Director,