London Property News
London property pricing from London Land and New Homes experts
Homes in prime London are exchanging for an average 11.4% discount on asking price, with sales volumes down 4.2% on last years transactions.
In parts of London described as ‘core’, transactions are down by just over 10%.
Rental growth is already outperforming the London sales market for the second year. London Land and New Homes owner Dominic Swinfield said “our overseas clients are gearing to purchase in London again as the GBP currency is depressed and the overseas buyers can make around 25-30% discount on transactions alone. We have offered currency brokers for all our overseas buyers for years and they have saved a fortune”.
Quoting on the first quarter of 2019, LLNH said that year on year, London prices appear to have declined 1.8-2%, but in central London pricing reports were down almost 9-10%.
Fresh supply to the market during the first three months of this year was 35% down on the same period last year, and was 40% lower than the five-year average. These figures are going to offer huge benefits for cash rich investors and overseas purchasers looking for medium to long-term growth.
Between 2020 and 2022, we expect London to outperform the UK. But, only time will tell.