We have seen a subdued first quarter of 2019 in the Prime Central London Property Market.
However, there are some initial signs, via Zoopla, Rightmove and across well-known estate agents, that prices are beginning to firm.
The initial signs of prices firming up however, must be viewed with caution. The continuing uncertainty with Brexit is still causing buyers to hold back on making decisions.
Many agents are reporting a build-up of buyers, and this is a natural result of the low level of transactions in recent years.
This may not necessarily result in a rise in prices, however, as these buyers are now seeking and expecting value.
An increase in sales volumes but not in prices may be the most likely outcome for the remainder of 2019. The outcome of the coming weeks' result around a Brexit deal being the most significant factor to consider.
YOUhome believes it is important that home sellers continue to be realistic on their asking prices as there are most definitely buyers out there.
Home sellers will also therefore see value on their onward purchases which may well negate the lower price achieved on their sale.
Independent analysis from Capital Economics suggests average prices in the PCL market declined by 10% during the second half of 2018.
We therefore recommend that now is the time act if you are looking to sell.
Overall, there is value to be had in the Prime London market for buyers at present and for home sellers. Correct pricing is crucial to get the most out of the market.
The size of price reductions across the capital is starting to increase so setting a realistic price at the time your property is listed is the wisest strategy.
Our analysis shows that SW3 has seen a marked increase in the value of price reductions in March. Sellers are looking to take advantage of the always buoyant Spring market.
We look forward to seeing if this results in a significant increase in transaction levels.