Pre-Brexit boost for prime London: homes priced below £2 million see biggest jump in sales as sellers cut prices
If you are thinking of putting your home on the market before Christmas but are worried about Brexit, new figures today might be the news you are waiting for.
In prime central London the number of deals over the summer jumped 14 per cent compared with last year, suggesting that buyers and sellers are bouncing back into the market.
The increase was particularly strong for homes priced at less than £2 million with a 26 per cent surge in the three months to September compared with last year.
In the £2 million to £5 million bracket the rise in deals was less marked at 12 per cent. Only the top end of the market remains in Brexit deep freeze, with transactions down 29 per cent.
Check house prices in every London borough (September 2019)
New instructions rose for the first time in more than a year and are now up nine per cent on last year.
Marcus Dixon, head of research at property analysts LonRes, which compiled the figures said: “Despite Brexit, the prime central London market was definitely busier than last summer.
“As well as an increase in transactions, more properties reached the market for sale this quarter, up nine per cent on the same period a year ago. Those who are buying are looking for value in an uncertain market.”
However, prices fell almost six per cent in the third quarter compared with last year, according to LonRes.
Achieved prices are now 17 per cent lower than at the 2014 peak and 13 per cent down on the three months prior to the EU referendum.
The figures follow data from the Land Registry also showing a sharp rise in transactions in August.
The number of residential sales across England and Wales was up almost 16 per cent on the previous month.
Nick Leeming, chairman of London-based agents Jackson-Stops, said: “Finally, after months of waiting we’ve seen a healthy uptick in transactions in August. Buyers have had enough of waiting around for the ‘perfect’ time to sell.
“Now is as good a time as ever to put their home on the market. Stock is still fairly limited, which means there is still strong demand for high-quality homes that are launching to the market at a fair price.”