Are fears of uncertainty subsiding?
We have seen a noticeable increase in buying interest over the past 8 weeks, from owner occupiers unable or unwilling to wait any longer, to domestic and overseas discretionary buyers such as those purchasing a pied a terre or investment property.
These sentiments have also been echoed by some of the luxury developers whose developments we manage. They are reporting a significant increase in units going under offer over the past 3 weeks.
Speaking to our clients, we have heard phrases such as: “my political fears have subsided”, “I believe the weight of the market is due to Brexit and a potential Corbyn government and I think both situations will resolve positively”, and “I think the market has already factored in the madness of Brexit”.
We continue to have a large pipeline of buying clients sitting on the fence waiting for more certainty, but it’s interesting to note that a growing number of buyers are concluding that London property looks appealing right now. We agree with their sentiments – as long as the right opportunity can be tracked down and negotiated effectively, London property does seem very appealing right now.