Buying a home in London continues to be very price sensitive, and only very high quality properties that are well priced are selling. Vendors who ignore advice from agents regarding the price are finding that they are not getting offers, yet well-priced properties are getting multiple bids. This market, which is considered to be a buyers’ market, really proves the point to only buy quality properties!
Buying a Home in London
Properties with flaws are not selling unless the prices are extremely low. Some flaws are: noisy road, too long of a walk to public transport (more than 10 minutes), lower ground floor with no light or outside space, two large bedrooms and only one bathroom and poor layout.
Some overseas buyers are taking advantage of the good stock of properties and the low Pound Sterling, especially against the US Dollar, currently trading around £/$ 1.30. Buying a home in London has always been a desirable for so many reasons, but especially because of its great education system, cultural activities and international population. Despite an increase in Stamp Duty (buying tax), the annual property taxes are very low compared to other major cities around the world. Some buyers are nervous about the outcome of Brexit negotiations and are waiting to see what happens. They may miss out on some great opportunities.
Most agents are predicting a fairly flat price level over the next year, which could be a good reason that real estate agents have reported an increase in sales in July.
Property of the Month
I just love this one bedroom flat in Airlie Gardens. It is very well priced at £650,000 (£1,321 per sq. foot), and is very rare to find such a central one-bedroom flat for under £750,000. The location is excellent being quietly situated at the end of a cul-de-sac and very near Notting Hill Gate, as well as Kensington High Street. The flat is in nice condition with wood floors throughout, a good kitchen and bathroom and has the huge added benefit of access to a stunning communal garden, which is shared only with the other residents of the few buildings that surround it. This one will not be on the market for long!