Prime Central London Property Market Continuing to Drop
By |Published On: 3rd November 2015|

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Prime Central London Property Market Continuing to Drop

By |Published On: 3rd November 2015|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

Prime Central London Property Market Continuing to Drop

Prime Central London Property Market Continuing to Drop

The prime central London property market is continuing to drop, according to the latest report from Knight Frank estate agents.

It found that the amount of applicants decreased by 30% in September, compared to the same month in 2014. House prices also fell, by 0.3%.

The number of properties exchanged in the three months to the end of September was around 17% less than in the same period last year.

A partner at Knight Frank, Noel Flint, believes that currency fluctuations and Stamp Duty changes are deterring foreign buyers from the London market.

He says: “There are far fewer Russian buyers in London looking to spend £5m to £10m. Their budgets have been trimmed, as the rouble is a fraction of what it was. Ditto the Far Eastern buyers.

“Now the pound is so strong, London is not seen as such good value for money.”1

As a result, Knight Frank has reduced its annual house price growth forecast for 2016 from 4.5% to 2%.

Even if you do not own a property in the prime central London market, it is important to be aware that trends in this sector can spread to other parts of the capital, and sometimes across the country, particularly the South East.

Ensure you keep up to date with the property market in your area, and understand how it could be affected by what’s going on in London.

1 http://www.propertyindustryeye.com/going-down-prime-central-london-market-continuing-to-dip/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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