3 pc growth in prime London property values in 2016

london-property-fallPrime property values in London are expected to have 3% growth throughout 2016 but other than prime places of the capital, it is expected for much faster price rises of 5% or higher, a new forecast suggests. The market below £1.5 million is predicted o be the main driver of price growth in the coming year, according to the report from agents Marsh & Parson. The total prime London property sales in 2015 in some 59% of London property sales have been for homes below the £937,000. In 2016, the sellers will have to lower their price expectations to make their properties more competitive. However, properties that are priced sensibly will still sell well.

Rollings, Marsh & Parsons says: “The first half of 2016 buyers flood onto the market straight after the Christmas break, to make a fresh start to the year. Borrowers have been finding a couple of competitive mortgage deals available, but this will serve as a reminder to would be buyers that the current rock bottom rates will not last forever. As a result, we can expect more buyers and existing home owners locking in to longer fixed term mortgages in the early stages of next year, in hope of prevention the impact of any rate rises.”

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