London property prices, the Brexit bright side?

There is uncertainty about the housing market as we begin 2019, but as temperatures continue to fall are we in for a drop in property transactions too?

Several buyers have found themselves holding out for bigger price reductions in lieu of Brexit due to the drop in housing prices.

But in this buyers' market how long is too long to wait?

Experts comment that the number of transactions should increase unless Britain ends up with an extremely damaging Brexit deal. However, in the recent wake of the meaningful vote, it is difficult to say what will happen next.

The Bright Side?

London is a hub of economic activity and one of the foremost financial centres in the world. In spite of the looming uncertainty, investors, entrepreneurs, and wealthy individuals still view London as a desirable place to purchase homes and conduct business.

Regeneration

London is still a centre for opportunity, and continues to invest money into areas such as Acton, Farringdon and Croydon.

The award winning Acton Gardens regeneration is benefiting from one of the City's largest developments. Further to this, Farringdon has also seen a new development scheme consisting of shopping leisure and housing.

Luxury highs

Kensington and Chelsea, Belgravia and Mayfair, are predicted to receive large growth in the next three years. Homes in these prime locations are viewed as more resilient to economic and political uncertainty. As esteemed and highly regarded areas they continue to attract international attention.

Buy now, save later?

Some sellers have taken a hit in terms of sale prices, as demonstrated with data collected by Rightmove last December.

However, it is predicted by JLL consultancy that the luxury end of the London market will see around a 15% increase in prices in the next five years (once a Brexit deal is agreed). This could mean that buyers could expect to see impressive profits on resales and at the least, increased valuations by 2024.