Close Video

Prime property values in London fall despite activity rise

04 August 2016

Reports from leading estate agents show asking prices for properties for sale in London dipped in the second quarter of 2016. Rental prices have also fallen although the volume of deals since June’s referendum has risen. Figures from London estate agent Douglas & Gordon showed a sharp fall of 3.6 per cent in residential property prices for sale in prime areas between Notting Hill and Chelsea. Three- and four-bedroom houses experienced some of the sharpest price drops (down 4.3 and 3.8 per cent respectively), while one- and two-bed flats dropped far less. “This gives owners who are looking to ‘trade up’ to a bigger property the opportunity to save on their new purchase,” said the report. “Borrowers are also benefiting from the Bank of England’s decision to ease credit conditions, shortly after the ‘leave’ result in last month’s EU referendum, as banks have been given licence to lend more. With a cut in interest rates predicted next month, savvy buyers are resetting their sights to take advantage.” CEO James Evans, Douglas & Gordon chief executive, added: “After two years of property uncertainty, we are now seeing very good conditions for home owners to trade up to larger properties. Overseas investors are already taking advantage of the weaker sterling against the US dollar post-referendum, and making the most of opportunities within the capital. However, our latest figures show that it is not just investors who can benefit from the current market conditions, and those who are looking to move into bigger properties, may be in for a welcome surprise.” Source

Back to news