The London property market in 2018 seems to puzzle the property press at the moment.
It’s a mixture of doom and gloom sprinkled with the occasional snippet of good news such as the recent reporting of some spectacular sales in Notting Hill.
So what is really happening and can you really generalise?
We have been experiencing our busiest spell since the market turned in 2014. Many of our clients, who simply held off making any property buying decisions for a few years, after prices began to fall, have now seen enough evidence of properties changing hands to feel more confident about pressing ahead with their move.
It’s not all good news though.
We focus on what is probably no more than 5% of what is available to buy on and off the market. At the moment, this is pretty slim pickings.
We will never recommend that any of our clients buy the best of a bad bunch just because they feel it is the right time to move. So, patience is definitely the key if the best examples of houses and apartments in our preferred addresses are simply not available to buy. On the flip side of this, we feel very strongly that if the right house comes up at a sensible asking price, then now is as good a time as any to make your move.
Sellers are definitely more aware and in tune with market trends. Also, in general, they are being much more reasonable with their price expectations. Whilst the very best houses always command a premium price, we have seen this premium shrinking during 2015/2016/2017/2018. This why we are recommending to our clients to keep a close eye on availability and to be ready to move quickly for the right property.