Period of adjustment for Prime Central London property
Property prices in Prime Central London are expected to be lower by the end of 2016 as buyers sit it out and wait for the Brexit negotiations to unfold, however by 2019 they are expected to be moving up again, according to a recent report.
It is expected that In the next five years, prime London property prices, where values already average £4 million, are expected to jump by just over a 20 per cent.
Lucian Cook, Director Savills Residential Research says in his report: Two further years of uncertainty, as the Government’s crack negotiating unit tries to extricate the UK from the EU, are also likely to limit the prospect of any serious price growth over that period.
This would bring prime London prices well below the long run trend of real house price growth. That is the kind of phrase which warms the heart of a residential property analyst. What it means for everyone else is that all things being equal it will leave capacity for renewed price growth at the end of that period.
Source of information: Savills Residential Spotlight: Prime London Residential Markets – Autumn 2016
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