Those of you who cycle to work will have noticed how dark it is getting on the journey home. A seasonal reminder of just how fast the year is rattling by.
The seasonal lettings market has quietened down now after the early Autumn rush and the Sales market continues to react cautiously but sensibly to the prevailing economic conditions.
The London Sales market is very much split into inner and outer zones. Generally the outer Boroughs have enjoyed strong rises over the last year, albeit from a lower base, while our Central Zones have been in negative territory. This is a correction of the previous and opposite price momentums of recent years. It is also a reflection on the impact of the aggressive Stamp Duty rates and Brexit fears. In simple terms the Central Zones are seen for the time being as too expensive, too aggressively taxed, and too uninviting for pure investors.
However, the market is a curious thing and has its own way of dealing events. Most Vendors are aware of the issues and are willing to accommodate and react accordingly. Again, in simple terms, Vendors who agree to price sympathetically are achieving sales. There is no alchemy involved just common sense. Interestingly we are already seeing our first currency driven sales from European and American buyers reacting to the weaker Pound.
In an odd way it is good to be working in an interesting and evolving market and am confident that the decades of local experience and competency that I and my fellow Directors have developed here makes us uniquely well placed to operate successfully for our clients.
If you would like to comment, challenge or just discuss your property or the market, please do get in touch.0207 405 1288