Both the Prime Central London sales and lettings markets are suffering from lower turnover due the
ongoing Brexit uncertainty. Sales market transaction volumes have fallen by 18% and lettings transactions by 17% during the year to Q1 2019. Sales prices continue to soften but some pockets of the market are proving more robust than others, while the weak pound is boosting international demand. Rents are now rising but conditions remain sensitive in certain parts of the lettings market. The Prime Central London sales and lettings markets are now eagerly awaiting a positive Brexit resolution to allow them to return to some degree of normality.
Here are points highlighted in the report: -
- The number of transactions has declined by 17% over the year to Q1 2019.
- The decline in transaction volumes is even more marked over the longer-term following a series of tax changes.
- Rents in Prime Central London increased by 0.3% during Q1, meaning that the average rise over the year to Q1 has been 1.0%.
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