Market Update – June 2018 – Luxury London Property
New residential property research released by Knight Frank paints a strong picture of the London prime property market, reaffirming its continued stability.
According to the research report compiled by Tom Bill, in June 2018, numbers of new prospective buyers for prime central London property were up 31% year on year, with total sales of properties over £10 million sitting at £470 million. This significant rise in buyer interest over the last year highlights the continued demand for prime property and proves the ongoing resilience of this market.
With Brexit negotiations still up in the air and a continued environment of political uncertainty in the UK, this is refreshingly positive news. Bill also gives his view of the market in prime outer London, noting that year on year figures show 31% fewer properties withdrawn from sale, with buyers more likely to meet asking prices and complete the sale. A definite vote of confidence for those investing and selling in the prime property space.
CapitalRise co-founder, Alex Michelin commented on the results of the report;
“In the short term, we expect Brexit to cause some disruption. However, the weak pound continues to encourage buyers with a US dollar income to consider London as a safe investment and most of the buyers we speak to maintain that the appeal of London – namely quality of life, culture and business opportunities – remains unchanged.”
CapitalRise have a number of investment opportunities launching over the coming months. Browse our upcoming deals and previously funded projects for a view of the prime property investments we provide. You can find a copy of the report here.