The stagnant property market in London amid Brexit uncertainty continues to frustrate buyers and sellers this month as asking prices in the capital fell £11,275 to an average of £602,996. Yet while this 1.8% seasonal slip actually marks the smallest November to Decemberdecline for five years, it’s not a sign of an improving outlook but rather a dramatic reduction of properties available to buy. The new figures from Rightmove show the number of homes being listed for sale has plummeted 19% compared to this time last year, which has helped to fuel the comparatively low five-year drop in asking prices.
Asking prices have fallen in 7 out of 12 months over the course of this year when comparing each to the corresponding month in 2017. The Royal Institute of Chartered Surveyors (RICS) has predicted that the uncertainty around Brexit is likely to continue to impact the housing market into the New Year, with fewer people looking to move and sell. The autumn’s collection of house price forecasts predict that the market will remain broadly flat next year.
Sellers in inner London, or the capital’s most central boroughs, seem most hesitant with a 24% drop in new listings compared to a 16% decrease in outer London. This is likely due to the fact that a contingent of affluent home owners in the capital’s most expensive enclaves do not need to move house and are waiting for a recovery in prices before selling, a recovery that could take a minimum of 2 years. Essentially the prime central London property market has been paralyzed due to higher stamp duty and compounded by political uncertainty.
December’s New Instructions
7 Bedroom Apartment For Sale in Portman Square W1
A substantial family apartment, with 11 windows overlooking Portman Square gardens, in a secure 1930’s Art Deco block, situated moments from Selfridges and Bond Street.Guide Price: £4,950,000 Full Details Here
3 Bedroom Apartment For Sale in Bryanston Court, George Street W1
A rare opportunity to purchase a wonderfully bright and characterful apartment situated in a prime Marylebone 1930’s block, benefitting from a long lease and 24-hour uniformed porters.Guide Price: £950,000 Full Details Here
2 Bedroom Apartment For Sale in Wallace Court, Old Marylebone Road NW1
A bright and contemporary 2 double bedroom apartment, situated on an upper floor, in a well-maintained purpose-built block, within walking distance to Marylebone Station.Guide Price: £998,000 Full Details Here
Help Counselling Appeal
18 months ago, as a local resident, Nicholas Jaffray started to raise money to provide help towards the Grenfell fire. The charity chosen, Help Counselling, is a small local charity set up by Richard Branson in 1968 based on Portobello Road. To date, a total of £2,050 has been raised to go towards medium to long term counselling. The page is open until the end of January 2019 and any donation is highly appreciated and will make an impact, no matter how small! Further details can be found by the Just Giving page: justgiving.com/fundraising/nicholas-jaffray-help-counselling and Help’s website: helpcounselling.com
Jaffray Estates will be closed for the Christmas holidays from Friday 21st December through to Wednesday 2nd January 2019. Wishing everyone a merry Christmas and happy new year. In the meantime, should you require immediate assistance Nicholas Jaffray can be contacted on 020 3475 1745 or at: email@example.com