Economic and political uncertainty appears to be dimming the light of the property market recently, with some long-time owners reconsidering their prime central London options, investment management firm JLL has suggested.
The firm’s research revealed the prime central London lettings market is beginning to stabilise after three years of rental value falls and anticipates the market will continue its realignment for the remainder of the year.
It also expects a moderate but steady number of owners will bring their properties to market over the next 12-18 months, marking the start of a new, more active acceptance phase for the prime central London sales market.
From its recent findings, JLL predicts transaction levels will increase over the course of the year, with longer-term pricing rising with a stable growth of 8.7% by 2022.
With house price increases of 0.3% across the whole of prime central London in Q1 2018, the firm predicts a turning point in the market. Mayfair, South Kensington and Knightsbridge are already showing positive activity.