Central London Market Update
October saw a fitting end to Dawes London's first full year in business with transactions closing in Wellington Square, Cadogan Square and Sloane Court East.
October also saw the fall out of Truss and Kwarteng’s disastrous 'mini budget’, with markets in turmoil and interest rates rising to a 14 year high. There is no question that for some clients this was time to pause for thought but the flip side also posed a significant opportunity for dollar buyers as sterling briefly reached an all time low.
Market Update
‘Best in class’ properties have continued to trade with ease, special family houses in the Royal Borough of Kensington and Chelsea and Westminster often going to best bids or some sort of tender process. Lateral houses with decent gardens being a white hot market.
‘Off Market’ has continued to be the platform that many £5m+ vendors and their agents have chosen as a strategy to sell. A market place in which Instagram- and tech generally- take a back seat to good old fashioned agency and the little (or rather big) black book of contacts rule the roost!
There is certainly more international interest in London, a weak pound being a compelling reason to act for the more discretionary purchaser. The increasing ability to be able travel without restriction has naturally increased our international client base.
Recent Transactions- Wellington Square, Cadogan Square and Sloane Court East
There is no question that the market is still strong in central London for most residential property assets BUT there is evidence that vendors who haven’t sold in 2022 are becoming increasingly more flexible on price.
Buying a home has to be decision made with both the head and the heart. The reality is the latter will have the lead in the process in a market where uncertainly looms. Let's hope Rishi continues to steady the ship! But no getting away from the fact that the frictional costs of purchasing property have never been higher. Buyers have to take a long term view when purchasing, with stamp duty at 10% + in the prime and super prime markets. Coupled with the vast increased cost of debt, no buyer can afford to make a mistake.