London Market Comment Spring 2019
Uncertainty breeds Opportunities
With the continued political uncertainty still holding its grip on the Prime Central London market, there is a general feeling amongst agents and buying agents alike that the pent-up demand will soon bubble over.
A lack of stock as vendors hold on to their properties until April, alongside buyer nervousness, has led to some excellent opportunities in the London market. Stacks London has recently agreed purchases of 20% and 22% below asking price, as clients seize an opportunity.
If you are waiting to find out what happens with Brexit then you may miss a ‘trick’. Having said this, understanding prices and the market could not be more important at the moment and whilst there are opportunities out there, there is very little new stock coming to the market. There is also a pent-up demand from more than two years of uncertainty which is likely to be released the minute any form of decision is made in Westminster – and irrespective of the outcome.
Whilst it is unlikely that prices will suddenly climb, it is likely that vendors post 29th March (unless there is a delay to Brexit) will ask some rather ambitious prices as they hope that holding off from selling will pay off. In some cases this may be fortuitous, but this is why using an experienced buying agent will be more important than ever as buyers, who need to move, find themselves up against investors looking for good purchasers- particularly those who currently have their money locked up in US dollars.
So, if you need to move now is the moment before everyone else comes to the market, and before vendors start asking for inflated prices!
If you would like any advice or to speak to an experienced professional please call Sara Ransom 020 7458 4511.
