The prime residential market in London is continuing to attract many investors, according to independent property buying agency Black Brick.
Increased bidding, falling asking prices and a weaker pound are leading to investors staying on in this market.
While negative forecasts suggest that property prices in the prime area of London will fall, levels of demand continue to soar. This in itself paints a positive picture for the future of the market.
There are a number of signs to suggest that home price growth will move forwards in this region. A strong economy, an influx of foreign buyers, dwindling unemployment, record-low interest rates and the housing shortage are but a few.
Camilla Dell, managing partner of Black Brick, observed: ‘In the first quarter of 2017, we have seen activity in the prime London residential market pick-up significantly, particularly at the upper end, which has been subdued for some time.’
‘We are also seeing a return of competitive bidding across the spectrum, particularly on property that is priced correctly and in line wit the current market,’ she continued.
Dell also noted that gazumping is also returning to the market.
‘It can be very difficult for buyers to know where the value lies especially in new developments were there can be a wide range of asking prices. To understand the market, a buyer needs to do their research,’ she continued.