The central London property market is finally emerging from a three-year “go slow” as impatient buyers decide they have put their decisions on hold long enough, according to two independent reports this week.
Estate agent Chestertons says its analysis shows the epidemic of price reductions is easing as confidence returns to the capital, despite the lasting political uncertainty during the Tory leadership challange.
Its data found that there were 35 per cent fewer price cuts in the first five months of the year compared with the same period in 2018.
At the same time the number of home buyer registrations across the capital as a whole rose 18 per cent.
Chestertons’ managing director Guy Gittins said: “With confidence comes an acceleration in activity — and that’s what we’re seeing as buyers shrug off the current political uncertainty and the London housing market starts moving again. This has been the most encouraging start to the year we’ve witnessed since the EU referendum result, and the change in buyer appetite is palpable"
So what does this mean for the markets in the South East and surrounding areas. We have historically been very driven by the London market with many young professionals opting to stay in seaside towns within commuting distance to the city. So far we have weathered the storm and house prices have held well compared to other areas of the UK.
Hastings and the East Sussex area was going through a relative boom period before the Brexit referendum and I think that we will now seen this come back into play. Take your opportunity now to buy in the area as I am confident that we will start to see a rise in prices in the not to distant future.
Patrick Hanlon Hastings.
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