August is traditionally a slow month, apart from more internationally favoured pockets of London, which saw house price growth slow to 2.1%, from 2.9% in July. Nationwide Building Society believe this is amid fears that Brexit-fuelled inflation is placing pressure on household spending. ‘Wages have been failing to keep up with the cost of living in recent months and consumer sentiment has weakened,‘ said Robert Gardner, Nationwide’s chief economist. In the three months to June, the economy created 125,000 jobs and unemployment fell to 4.4%, which is the lowest rate for over forty years. Mortgage rates have also remained close to all-time lows. Gardener goes on to suggest ‘ultimately, housing market developments will depend on wider economic performance. The UK economy slowed noticeably in the first half of the year, and there has been little to suggest a significant rebound in the months ahead’. However, property prices (UK nationwide) are still predicted to rise by 2% in 2017.
In prime central London, Countrywide has stated it expects property prices will also rise 2% this year, followed by 4% and 5% in 2018 and 2019. In Greater London, this is expected to be less at 2.5% in 2018 and 4% in 2019. “Economic conditions for households will remain challenging over the next year as inflation eats into budgets and interest rates begin to rise,” said Fionnuala Earley, Countrywide’s chief economist.
Another amazing apartment in Montagu Square
After achieving the record £ per square foot price for a long lease property in, we are now very proud and excited to announce a brand new sole agency instruction for another apartment in Montagu Square. A very grand apartment, for sale for the first time in 33 years, with all principle bedrooms overlooking the gardens. Not only is Montagu Square arguably Marylebone’s finest address, and the only fully residential square, but our client’s apartment is another truly ‘best in class’ prime property. More details to follow and we look forward to launching this special property next week.
Prince’s Gate, Knightsbridge
Continuing our theme of beautiful apartments with garden views, we are very excited to have launched a stunning 3 bedroom apartment for sale in Prince’s Gate. The apartment is situated in an incredibly popular purpose-built block Kingston House North, which is more or less half way between Knightsbridge and Kensington and is one of prime central London’s best locations – opposite Hyde Park. The building has endless advantages from parking to excellent porterage to the stunning manicured private resident’s gardens. Our client’s apartment is situated at garden level with French doors and all principle rooms enjoying views directly into the gardens. A must for anyone who appreciates garden views, not to mention half a dozen more pluses about this property.
Asking price: £4,750,000.