Here we are heading again into Spring and the time when the market starts to get into its step and determine how the year will pan out.
Here we are heading again into Spring and the time when the market starts to get into its step and determine how the year will pan out. Well…Almost. There is always something on the horizon in the Central London Market that effects orderly progress . Some of it is good, some of it less good and some of it just a little confusing.
The real issue at the moment is the Brexit referendum which is now starting to loom large not only in the press but also in every pub or kitchen table discussion.
No one can be sure how it will pan out but my experience of any issue of this sort is that when there are storms out to sea, captains take their ships back into harbour and wait. This is especially so when you consider where we are in the market cycle with a long rally behind us. It is therefore not surprising that some buyers are awaiting events and some sellers are reluctant to discount to get a sale agreed.
A Brexit will raise the issue of the UK’s economy ability not only to go it alone, but also to prosper in the new paradigm. No change will probably result in a return to more normal market conditions. No one can be totally sure at this stage and it is this uncertainty that is putting the market in a holding pattern for the time being.
Budgets and Brexits aside the market continues to be brisk for properly priced flats across the price range. We have a flat near Russell Square that has attracted several buyers and competing bids and so will go for above asking price in the next couple of days. It is all about pricing. We are starting to see reasonable activity again in the £2m plus market which has been particularly slow recently.
If you would like a little guidance in these choppy waters or just to discuss the market please do get in touch with our team at the Marylebone & Mayfair office on 0207 467 5770 or email firstname.lastname@example.org