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Properties Articles

Prime Central London Market Update

With the international vaccine rollout, certainty and stability are within reach. Buyers and vendors will be looking to secure a deal prior to the Stamp Duty tax holiday ending on the 31st March.

In January 2021, the average price of a property that has come to the market has fallen by 0.9%. Factors such as a repeat lockdown and international travel bans have halted the growth we would have expected to see in January 2021. The average time to complete a purchase has become 4 months (Rightmove).

With motivated parties and the right legal teams, it is still very possible to exchange contracts and complete transactions. We at Knightsbridge pride ourselves on working with the most experienced individuals within the real estate industry throughout Prime Central London.

It is important to notice that whilst completed transactions and house prices have fallen, the demand for property has not. Rightmove reported that visits to property websites have increased by 33%. Furthermore, the number of individuals that have contacted real estate agents has also increased by 12%.

We are obliged to mention that we saw the highest levels of mortgage approvals for the year in November for 14 years which exceeded 100,000.

Even with the UK being placed in a second lockdown in January, it is promising to see that sales agreed within January have been up 9% compared to the last year.

Whilst many people are hoping to complete before the tax savings ends, we expect to see strong growth in the Prime Central London market over the next 4 years. It is also expected for there to be a slight dip within the market prior to the 2024 General Election.

With a Brexit deal being agreed, we also expect the rental market now to gain momentum due to the newfound political certainty.