Properties in central London are selling for an average 11.5% discount on asking price, with sales volumes down 4.3% on last year.
In parts of London described as ‘core’, transactions are down by just over 10%.
Reporting on the first quarter of this year, Cluttons said that year on year, London prices declined 1.9%, but in central London were down almost 9%.
New supply to the market during the first three months of this year was 35% down on the same period last year, and was 40% lower than the five-year average.
Cluttons is forecasting a 3% drop in values in prime central London this year, but expects the market to pick up after that. Between 2020 and 2022, it expects London to outperform the UK.
The firm is also anticipating that rental price growth will outperform sales in central London in each of the next four years, with cumulative growth of 7.6%.
Wait until Mr Corbyn is in Number 10 and the 2% annual property tax comes in.
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Swirb has a pretty useful tool which allows you to search for the most discounted properties currently on the market in any area – check it out – https://www.swirb.com/biggestDiscounts
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