Stability is said to be returning to London’s prime property market, as data from LonRes reveals a rise in transactions.
Between February 2017-18, there was a 2% rise in transactions when compared with the previous year. This, together with a slight drop in average prices, has helped to bring a level of stability back to the market.
The market has been stimulated by asking price reductions, with buyers pushing for more realistic prices.
Movement has also returned to the prime market. According to Rightmove, there were more properties for sale in February this year than there were in the same month the previous year.
The prime market has seen property prices soar over the past ten years. The slight fall in average property prices and a rise in asking price adjustments indicates relative stability.
The stamp duty rise has especially affected the prime sales market, while multiple regulation and legislation changes have affected the lettings market.
While the prime market is vulnerable to political changes and the uncertainty caused by Brexit, it is showing resilience.
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