WHILE POLITICAL LEADERS CONTINUE THE FIGHT FOR NUMBER 10, THE ATTENTION, FOR SOME, REMAINS FOCUSED ON BUYING OPPORTUNITIES IN CENTRAL LONDON.
As the election approaches, activity across prime central London remains somewhat subdued. In the first quarter of 2015, there were 35% fewer transactions across the area than there were, on average, in the last five years. Demand for properties has not completely dried up though and buyers are taking advantage of quieter conditions to secure properties. In particular, in the market between £1 million and £2 million, transactions are down by just 17% on the average over the past five years. Stronger demand is supporting values, with the average price paid per square foot for properties in this threshold rising by 5.2% since the first quarter of 2014. Meanwhile, vendors have become more willing to negotiate. Sales in the first quarter of the year were agreed at an average 96.5% of their final asking price, MONTHLY MARKET BULLETIN April 2015 the lowest level for four years. Those buyers looking to secure a deal, however, are advised to act quickly as history tells us market conditions could quickly change once the political situation becomes clear.