Savills anticipate no price growth over the next 2 years for prime London
News release published yesterday 5th January from Savills headlined ‘Realistic pricing delivers a boost to prime London Sales volumes’.
Savills the International Real Estate Adviser stated, higher taxes and political and economic uncertainty continued to suppress prime London residential values throughout 2016, but as prices became more aligned with buyer expectations of value so the market became more fluid, according to their data.
Savills forecast for prime London anticipates no price growth over the next two years, with a recovery to trend growth not coming until 2019. The forecast is for prime central London growth to total 21 per cent in the five years to the end of 2021.
Lucian Cook, Savills UK head of residential research says, “Committed sellers increasingly understand the need to factor in both the additional stamp duty and economic uncertainty to their price expectations in order to attract still very cautious buyers.
“We saw a real dearth of transactions over the late spring and summer months following the race to beat the new 3 per cent surcharge. But further price adjustments, coupled with the currency play for international buyers, appear to have triggered greater buyer commitment and prime London sales volumes picked up significantly in September, October and November before easing back in December.”
Read Savills UK news report with data published 5th January in full click here.
You May Also Enjoy
Understanding House Value in the UK: A Simple Guide
What does latent defects insurance cover?
Breaking Property News – 24/04/24
An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Understanding Property Valuation: A Simple Guide