The three most expensive boroughs in London have experienced a 20% rise in in sales in the last quarter.
Camden, the City of Westminster, and the Royal Borough of Kensington and Chelsea which together are London’s three most expensive boroughs to purchase property in have seen a massive increase in the volume of sales in the area. This is according to a recent report published by LSL Acadata which analyses the status of property in the UK.
This surge means that the prime London property market is gaining momentum after almost a year of stagnating prices and even reductions of original valuations. Nationally, the report is also optimistic with prices rising in consecutive months for the first time since March. This report is in contract to another report which was produced by the Royal Institution of Chartered Surveyors which showed that there would be no change in prices. A further report produced by Rightmove even argued that there may be a reduction in property prices of up to 2% during 2018. These contrasting reports show the uncertainty in the market, and while we would like to say we are completely certain that London property prices will continue to rise, this is overly optimistic in what is a currently a changing market.
Indeed, even in Acadata’s report the news isn’t all good. Prices in Greater London were down 3% compared to October of last year with the City of Westminster seeing an 18.2% drop in property prices. However, despite this challenging environment, we are proud to provide a fantastic service to our clients. Despite the uncertainty caused by Brexit and other factors such as new taxes on the property industry, we are still managing to get some great sales prices in both our residential and sales departments. In addition, we believe that this slump in property prices is temporary, making now the perfect time to invest in prime London property while Central London prices are still relatively low.
Do not hesitate to contact someone at Robert Irving Burns to express an interest in selling your property or, indeed, if you would like to purchase a prime property in the Central London area.
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