A housing market snapshot for prime London shows a fall of over half in the number of £1m-plus properties sold so far this year compared to last - but the wider position on prices and volumes appears to be improving.
Coutts says that there’s been a 53.4 per cent drop in the number of £1m-plus properties sold compared to same period last year with only 760 prime properties put up for sale in the second quarter of the year - the lowest figure since the bank’s records began.
However, the outlook is more promising.
“The key positive factors include relatively attractive levels of Sterling for global investors, which make London property look cheap in dollar or euro terms, and the ultra-low interest rate structure worldwide” explains
Coutts chief investment officer Alan Higgins.
And the bank says another promising sign is that the number of properties sold at a discount, and the amount buyers are getting shaved off the asking price, have actually fallen.
Buyers are getting around 9.3 per cent off the asking price now, compared to 10.2 per cent 12 months ago.
And only a third of prime properties are currently being sold at a discount – a record since Coutts started monitoring this aspect of the market in 2016.