Contrary to what people predicted, the end of the world did not occur on the 23rd June 2016. In London, life continued and the prime property market at the £10m and above level has been very active over the last six months and far from quiet.
We anticipate that this momentum will carry over and continue as 2017 begins. The market at £20m plus and ‘trophy homes’ has certainly been affected by oil prices and Russian sanctions, but for the rest of the prime property market it has been business as usual.
Buyers have been shocked at the way the market has continued to perform and those who have expected to be able to sit back and wait have been caught out, losing out on good houses. In some cases, asking prices have been exceeded and there have been bidding wars underlining the demand in the prime to super prime PCL market.
London Prime Property into 2017
As we head into 2017, the prime property market looks set to continue in the same vein and buyers will get caught out if they take things for granted because decent property at this prime level is not stagnating.
Sellers need to be realistic in terms of pricing and when they are buyers will come knocking. At this this time of year, it is unrealistic to contemplate either selling or buying, but come January we expect buyers and sellers to be more focused and for 2017 to be a positive year for the PCL property market.