Brexit negotiations continue to dominate the headlines and cause uncertainty until an agreement has been reached by the end of April 2019. House prices in prime central London will fall 3.2% this year and stay flat next year, before rising 2% in 2019, according to Savills’ five-year forecast. It may be that sellers across wider London will have to wait until 2020 before prices begin to increase, with prices expected to fall 2.1% this year, 2% next year and flat growth in 2019, before finally rising 5% in 2020. However, by 2022, house prices in central London will have risen 20.3%, while across the rest of London they will have risen 10.%. The suburbs will experience a slightly higher rise, at 12.%. Price growth will remain uncertain and market sentiment is fragile until there is clarity over the UK’s future relationship with Europe. That said, Yolande Barnes, head of global research comments: “Whatever the challenge from other cities, London will almost certainly remain a key global financial centre and develop as one of several European hubs for the growing tech sector. Its prime markets will therefore benefit from new domestic wealth generation as well as attracting wealthy international buyers.”
The forecast is the latest sign London house price growth has begun to fall. Figures LSL Property Services last week showed average house prices in Greater London dropped 1.4% in August, dragging down house price growth for the UK as a whole for the fifth month in a row. The top end of the capital’s market has also suffered, with more analysis last week showing the number of high-end new-builds sold in the capital fell 55% in Q2 this year.
Anyone involved in the property market is forever hopeful that the government may change the way in which stamp duty is charged since the increases that started in November 2014. The Chancellor of the Exchequer Philip Hammond, has announced that the government will publish its Autumn Budget on Wednesday 22nd November this year. This is unlikely but you never know.
Palmstar London are pleased to have just been instructed on the sale of a stunning interior designed 3 bedroom apartment for sale in Montagu Mansions. The apartment has gone under an extensive refurbished programme and has been meticulously designed for the perfect ‘lock up and leave’.
Montagu Mansions is an attractive red-brick mansion block in Marylebone and very popular with buyers from all corners of the world. The building offers uniformed 24-hour porterage and is extremely well maintained.
Available now, asking price: £2,499,995. Full details available here.
This leafy part of West London is often overlooked and is home to some of prime central London’s most impressive houses. Ideal for regular international travel being so close by car to London Heathrow, it is also increasingly popular with international buyers wanting to live in a very private and exclusive part of London. Michelin starred restaurants such as The Ledbury can be found nearby or the new Argentinian restaurant Casa Cruz famed after local resident David Beckham visited.
We have just been instructed as sole agents on an incredible 3 bedroom maisonette boasting a 40 ft dual aspect reception room with 12 ft high ceilings and floor to ceiling widows. The property includes 3 generous sized double bedrooms all en-suite and has the added benefit of a porter.
Available now: asking price: £5,850,000. Full details available here.