Page 8 - Rooftops

Suffolk is still an attraction
In the central London residential property market, there has been a 15-20% readjustment of asking prices over the last three years, following a period of substantial
price inflation.
Various factors have contributed to this
realignment; initially sparked by the increases in Stamp Duty Land Tax but exacerbated by the unstable political situation and the uncertainties related to Brexit.
Recently there have been signs that
asking prices have bottomed out and demand has increased. The property market is underpinned by low supply, a weak pound attracting overseas
investors, historically low interest rates and high employment.
The nervousness in the London market has led to much higher than normal fall throughs, in part due to an increase in the time it takes to sell a property. The average sale is taking just over three months – up by a month since 2016.
These fall throughs are not just stressful and frustrating but also expensive to vendors, buyers and agents. To reduce this, several London estate agents have successfully introduced
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The view from our London office
Bob Bickersteth