Sellers of real estate in London reduce appetite

Prices for Prime Central London fell in the first quarter of 2016, but the number of transactions even slightly increased. In General, the market now provides a calm environment. After a noticeable excitement in the 1st quarter, before the rise in Stamp duty and the uncertainty in the second quarter, with the forthcoming referendum, the market is now relative calm and time “grinding” buyers and sellers”.

Since there was a historic referendum on leaving the EU, a market of elite housing in London has several buyers who were attracted by the price in connection with sharp fall of the pound sterling against the U.S. dollar.

In the second quarter increased the number of objects placed on the market. These additional objects give the advantage to the buyers in the negotiation process and affect the market lower prices and a slowdown in transactions.

Here is the second quarter of 2016 prices are 3.3% lower than a year earlier, having fallen by 0.9% in the second quarter of 2016 and 1.1% in the first quarter of 2016. In all, over the last 18 months prices for luxury housing fell in total by 6%, and on very expensive real estate – 10%.

The most stable real estate prices costing up to £2 million, however, and they fell by 2.6% over the 12 months, ranging from £2 million to £5 million, 2.9%. The most sensitive the market was in the range of £5 to £10 million and above. Ranging in price from £5 million to £10 million price drop has reached 4.4% , and above £10 million – 7.1 per cent.

Over the past 1.5 years on the real estate market in Central London has happened, perhaps the most significant upheaval since 1991. This increase in Stamp duty, then an additional increase in Stamp duty for investors, followed by the uncertainty in connection with the UK out of the EU. However, the market for Prime London real estate has proved resilient to such major shocks. The figures demonstrate that it continues to remain the most attractive destination in the world for investment in luxury housing. The changes that have occurred in the market over the past 18 months, forcing sellers to lower their appetites and be more realistic in the prices of sold homes.

® Helen Entree. 10.08.2016 G.

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