A report released this week highlights that house prices are falling in some London areas for the first time in two years.
Across the entirety of London, house prices did not rise at all in July, and fell in the areas where demand has “cooled the most”, a new piece by The Standard states.
As an esteemed buying agency specialising in property right here in the UK capital, we were asked to share our thoughts on these latest figures:
“It has started to become more of a buyers’ market for the first time in a long time, particularly in the super prime upper end of the market – £10 million and above. Indeed, we’re currently in the midst of a search for a client looking for a house in Mayfair or Belgravia from £20 million up to £100 million and there are well over 20 houses for sale in this price range. If there are sanctions against Russia which mean that certain Russians might be exiled from the UK, this could create even more supply on the super prime end.”, Black Brick Managing Partner, Camilla Dell said.
“Many high end developers are now struggling to find buyers for their trophy mansions, and are having to become more realistic with their asking prices. As such, I believe we could see significant price drops at the super prime end of the market. Indeed, one house in Mayfair has already had a significant price reduction from £120 million down to £95 million.”, she continued.
Read more in the full article here.