A leading estate agent dealing with prime Central London properties has stated that they expect the market to see a rise in sales in the final quarter of 2016 as post-Brexit worries are shrugged off, according to OPP Today.
W.A.Ellis, part of the JLL Group and one of the leading agents at the top of London’s prime market, illustrated their point with the figure of £35 million of offers having been made on property in Knightsbridge in one September week alone. At the same time, the firm reported increased activity in the equally-lucrative prime lettings market in London as new and returning international students came back to the city.
Director, Richard Barber, commented:
Although it is too early to say that the uncertainty around Brexit is behind us, there are positive signs of increased activity in the Prime Central London (PCL) property market.
“We have seen a marked increase in both enquiries and viewing activity [in September], and have received over £35,000,000 worth of offers in Knightsbridge alone – all of which are within 5% of the asking price.
“It is clear that there is strong demand for high quality properties within PCL and that those attracting the most interest have been competitively priced, with motivated vendors prepared to sell in line with the current market.
“The outlook is positive; as consumer confidence grows, we are likely to see an increase in transactional volumes in the final quarter of 2016.”
Lucy Morton, Director and Head of Residential Agency at W.A.Ellis and JLL, says, “Nearly 50% of the new tenancies agreed have come from international students.” This has also reduced the oversupply of letting stock in the market, which should also stabilise rents.
London in Top 10 for most expensive rental cities in the world
Meanwhile, online estate agent eMoov has released data suggesting London commuters would be better off buying property outside the capital and flying to London to work. Using the average house prices in the cities surveyed, the research suggested that buying in Glasgow and flying to London on a weekly basis could save up to £11,845 per year.
eMoov compared the average house price between the capital and other short haul flight options around the UK with a direct service into London. They then worked out the total cost of a weekly commute, flying on the Monday morning and returning on the Friday evening, plus four nights’ accommodation when booked six months in advance.
