We are now entering what is traditionally known as the summer recess.
What seems to be clear now, is that seasonality, seems to be less important in the property buying cycle in Central London than ever before.
Buyers and sellers seem to be looking for economic soundbites as justification for either considering buying or selling at the moment. Interest rates during this year have risen significantly, but with the latest inflationary figures coming in favourably lower than expected, this appears to have given our sales market and unexpected boost. In the last three weeks we have had six sales exchange contracts and with fixed rate mortgages seemingly look to drop further from the historic, recent highs, this will inevitably wash through to more Buyers “jumping off the fence” and starting to make decisions.
Prices from the heady days of 2014 are dramatically, more reasonable and the Royal Borough of Kensington Chelsea has never looked more affordable in the last 10 years!
We have all historical data in our office to provide to buyers to substantiate the value that is now on offer with many of our instructions. It is notable that with the dramatic rise in yields that Lettings properties are now achieving, many of our instructions are also actually fantastic letting investments as well as lovely homes.
If you are traveling away abroad on a holiday this summer, may we wish you a lovely trip, but we are here if you need us!
Julian Chambers | Director