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TODAY'S OTHER NEWS

London agency welcomes market pick-up but says uncertainty rules

Winkworth says the central London market has picked up from its lows of a year or more ago, but warns that the uncertainty of the General Election and Brexit could still “dramatically change the situation.”

In its latest market snapshot the agency says that since the price corrections of 2017, both asking prices and seller expectations are now more realistic. 

“In fact, the average price per square foot has stayed largely flat since Q1 2018, decreasing in Q3 [2019] by just 1.0 per cent against the previous quarter, and we believe this stability will remain while there are no marked changes to the market fundamentals.”

The agency says sold prices have increased 6.0 per cent year-on-year and, with asking prices only 1.0 per cent higher than Q3 2018 “this shows our push for accurate pricing is having the desired effect.”

The agency says it’s now achieving an average of 96 per cent of the asking price for sellers, outperforming the industry average of 89.4 per  cent as recorded by LonRes. 

“And 34 per cent of our properties are selling at asking price or above” it adds. 

There’s better news for transactions too. They rose in Q3 this year by 22 per cent against Q2 and were 2.0 per cent above the same period last year. This still stands well below the peak levels of 2014 but represents a notable recovery from the end of 2018 when transactions fell dramatically against a highly uncertain political backdrop, the agency believes.

Chief executive Dominic Agace says: “Now, with the traditionally quieter winter months ahead, we don’t expect the market to pick up in the next quarter – uncertainty and stamp duty both also remain issues in the market and a general election set for December could dramatically change the situation.”

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