Sales Market

I am sure you will have read and heard a lot about the so called “credit crunch” and the turmoil in the financial markets.  As specialists within Marylebone, Hyde Park and Mayfair, we are frequently asked about how this is affecting the local market and in particular the value of properties in the area. 

I am pleased to report that prices remain stable and that we are continuing to receive an excellent number of registrations from highly motivated local and international buyers. We are seeing increased interest from individuals from oil rich petroleum producing countries, especially from Russia and the Gulf States.

Whilst it is true that purchasers are taking a more cautious approach, they seem happy to proceed where prices are realistic and a degree of value can be shown. Indeed, we have already carried out double the number of viewings this year as of the same period last year, with similar applicant numbers.

Whilst most Central London housing analysis predicts that prices will remain flat this year we believe that in the long term prices are set to increase, due to a shortage of supply and continued high levels of demand, particularly from high net worth individual who underpin the local market. 

Many of the news reports featured within the press are nationally based and do not take into account the unique factors within prime residential Central London. Great emphasis is placed on the reduction in mortgage approvals, however in the areas in which we operate the majority of buyers are cash buyers or have substantial deposits. Over the next two decades the population of London is set to increase by 20%, and this combined with the City’s continued pre-eminence as a global banking centre leads us to believe that 2008 provides an excellent opportunity to buy in a stable market.  Indeed during the last financial crisis many high net worth individuals saw prime residential Central London as a secure long term investment.