Transactions are down a staggering 41% on 2014, buying activity is at its lowest level ever recorded and prices are down around 20% from their peak. Buying activity is at the lowest ever recorded. This is a direct result of the unprecedented instigation of successive new residential taxes culminating in the 3% additional stamp duty for second homes in 2016.
Two general elections, a referendum and the Brexit uncertainty have all added fuel to the fire. London’s housing markets have weathered the Brexit uncertainty better than many feared, especially at the higher end. After a difficult 18 months of falling values and transactions, Prime Central London property prices started to recover in Q1 2019, not only have tax hits now been assimilated in current pricing but the ‘Brexit Effect’ is more than accounted for by now.
We are pleased by the apparent light at the end of the tunnel as prices have been discounted so much by those with no choice but to sell, that those investors are proactively looking at real value opportunities. It is our job to guide you through these opportunities.