Sales rising in central London prime property market

houseMore realistic prices sees to pick up in central London prime property market. Sellers and estate agents are being more realistic with asking prices and as a result there is movement in what has been a stagnant market. According to property search firm Black Brick, The market has largely absorbed the stamp duty rises introduced in 2014 and for international buyers currency exchange means they are getting more value for their money.

Camilla Dell, managing partner of Black Brick: “We are seeing vendors and agents become more realistic with pricing, and the market has now largely absorbed the stamp duty increases that came into force last April, so buyers are wanting to get on and purchase, We don’t expect prices to fall much further. Indeed, the falls in prime London pricing over the last 12 months or so correlate very closely with the stamp duty increase. It’s proving a successful approach for us and our clients. It’s in a flat market where a buying agent can really help. We are going in, negotiating hard and it’s working, The fall in sterling has seen cost reductions in the 30% to 40% range for dollar buyers which is partly the reason why these buyers are keen to invest. Many have decided that this is the year to add to their London portfolios and we have been instructed by a number of families to start the property search.”

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