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London Property Market 29 March 2017

Chestertons Residential Observer - March 2017

Property prices in London continue to grow and the rate of growth has started to accelerate again, proving just how robust the capital's property market is, mainly due to the general property shortage.

However, although prices are rising, the number of loans advanced for house purchases in January was at a two year low, which reflects the lack of available properties for sale and the ongoing affordability issues faced by first-time buyers. The number of buy-to-let mortgages in January was at an eight month low, which is more to do with the increasing tax burden on landlords and their fear of future legislation.

The prime market has maintained its momentum in terms of appraisals and exchanges, while the number of properties available for sale at mid-March was up on the corresponding point in 2016. Prime values, however, remain flat or under downwards pressure.

The triggering of Article 50 may create a fresh wave of anxiety in the market, however our experience so far this year is that buyers and sellers are growing weary of Brexit speculation and are more prepared to act than last year.