Sales volumes are increasing in the prime central London property market as purchasers look to take advantage of more ‘realistic’ asking prices, according to a leading buying agent.
Sales of prime London property have “picked up significantly” in recent weeks, according to Jo Eccles, managing director of independent property search agency, Sourcing Property
Various property price reports reveal that property prices at the top end of the capital’s housing market have fallen over the past 12 months or so, owed in part to the impact of the stamp duty changes.
The fact that there is now no stamp duty charged under £125,000, then 2% up to £250,000, and 5% up to £925,000, may have helped activity levels at the lower to mid-segment of the housing market, but the 10% levy to £1.5m and 12% above that has had a negative impact at the top-end of the market, best illustrated by the sharp fall in home sales and prices in London’s prime areas.
But Eccles says that sellers are increasingly aware of the need to factor in the impact of increased stamp duty, not to mention political and economic uncertainty, into asking prices in order to attract cautious buyers.
“The London property market has picked up significantly in the past six weeks and we’re seeing a lot more buying and selling activity across all price brackets,” she said.
The buying agent explained that more vendors are “being more realistic” when it comes to property values.
Eccles added: “In the past three weeks, we have seen an increase of nearly 35% in the number of buying clients we’re acting for, and a 60% increase in serious enquiries over the past two weeks.
“This is a mixture of British buyers and those who are not British but live in the UK full time. Most are taking a minimum five year view with their purchases and, with the Queen granting Royal Assent to leave the European Union, buyers are taking a ‘life must go on’ approach.”