There generally does seem some positive data coming through from the agents in the Central London Residential market over this first quarter. This is a welcome change after being so long in the doldrums. Whilst this is a mixture of buyers no longer wanting to wait for politicians to get their own houses in order, it is most importantly vendors realising that they do need to adjust prices to these new market levels to attract a buyer. If buyers perceive value, transactions will happen.
The residential market has been changed due to some fairly punitive tax increases, and London does certainly have an oversupply of high priced new build property at the moment, but demand from both the national and international markets, whilst tentative, remains fundamentally strong. Of course there will be further uncertainty and possibly price adjustments, but it is perhaps not a bad time to invest given that we are in a genuine buyers’ market and historically there are not that many long term safer options than residential property.
If you have any residential property queries or would like valuation advice please contact James Perris.
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De Villiers are members of the Royal Institution of Chartered Surveyors and RICS Valuers Registration Scheme.
