Under the influence of high rates of Stamp duty sellers in sector of elite real estate of London are forced to go for a decent price concessions to sell their property. Only those sellers who are willing to make discounts, create competition and successful on the market. In the third quarter of 2016 sales of real estate of London in the centre grew by 4.6%, indicating a small recovery from the first months of the depression. However, sales today are 47% lower than a year ago, in 2015.
The fall of the pound sterling after Brexit against the U.S. dollar and the Swiss franc also contributed to the fact that in the third quarter increased interest in luxury London real estate from European and Asian investors.
According to forecasts, by 2016 it is expected the market decline by 10% and drop to 5% for 2017 and 2018. Only in 2019 is expected slight growth in the market of elite real estate of London, provided that economic conditions will remain stable.
In the rental market of elite real estate of London is also observed in the processes of stagnation. Meanwhile, in some parts of Central London, for example, in Belgravia and Knightsbridge, the number of lease transactions in Q3 increased by 10% compared with the second. The overall picture is that the number of transactions in the rental market of elite real estate of London in Q3 2016, 36% lower than in Q3 2015. Meanwhile, in the super-luxury sector, where rental prices are more expensive than the £8000 a week, there is an increase in demand by 50%. According to forecasts, the rental market is roughly the same as during 2016 and 2017 and will gradually start to rise in 2018 and 2019, showing a small growth of 2.5%.
® Alice Morgan. 31.10.2016 G.
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