How has 2020 Started?
The UK property market has certainly hit the ground running at the start of 2020.
According to HMRC figures in the five weeks since the General Election sale transactions are up 6.2% and asking prices are up 2.3% according to one of the UK’s largest property portals Rightmove.
Prime Central London (PCL) Performance in Q4 of 2019.
This week figures for PCL have been released covering Q4 of 2019. For the purpose of this article I define PCL as Belgravia, Bayswater, Chelsea, Fitzrovia, Holland Park, Kensington, Knightsbridge, Marylebone, Mayfair, Maida Vale, Notting Hill, Pimlico, Regents Park, St Johns Wood, Victoria.
The below data show Q4/2019 has certainly outperformed the same period back in 2018. There is still a substantial level of discount achieved off Vendors asking prices, however values have crept up by around 2% when compared with the same period the previous year.
These figures alongside the achieved graphs below could suggest the tide has indeed turned and the bottom of the market for now, is behind us. We have all seen it before, PCL prices in 2010 shot up by more than 20% in one year which shows how quickly things can change in London. My advice to perspective buyers sitting on the fence is get off it and get out there! Even better, why not use an experienced buying agent to give you that edge over the competition…..XANDER PRIME springs to mind!
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