Published by: Jonathon Burks
Since Prime Central London’s peak in 2014, property values were 20% lower at the beginning of 2020 due to Stamp Duty Tax and Brexit negotiations making the market appear unstable.
The coronavirus pandemic has delayed the recovery of the market due to its impact on the economy and overseas buyers travels' being limited by restrictions or quarantining issues.
Property prices have been reduced by 1.8% in Prime Central London this year and price gains are not expected until 2021 where they are set to rise for the next five years. Brexit negotiations will be nearing completion, which should expect a rise in prices by approximately 6%.
By 2025, values are expected to increase by a total of 14%.
Despite all of this, £1.5 billion has been spent on property transactions since the start of 2020 with many buyers interested in securing prime Central London real estate, ensuring positively for the future market.