The first half of the 2023 sales market was overshadowed by inflationary fears and the rapid rise in interest rates which caused buyers to be price sensitive and reluctant to make decisions. However, green shoots are now visible in the property market as inflation is now down to 4.6% so we have seen the peak and hopefully it will carry on dropping towards the end of the year. The Bank of England did not increase interest rates in September or October which hopefully signals the peak of interest rate rises as well so both of these positives should give the market a boost and allow buyers to start making decisions again.
The market still remains price sensitive so correct market pricing is more important than ever to ensure that buyer engagement is captured.
It is evident that overseas buyers still consider the UK to be the preferred business destination for international companies, now Brexit is predominantly in the past. The UK’s advanced business infrastructure, first class service industry, favourable business taxes, the GMT time zone and English language make London one of the best and most cosmopolitan cities. The London residential market, with its historic and varied styles of building makes it a unique place to live.
With our established sales record spanning over 50 years in the Royal Borough and our stable and experienced team, we pride ourselves on providing expert advice to our clients.
Julian Chambers | Director