The property market in the capital currently is buoyant because of favourable conditions for buyers of housing valued below £2 million, according to independent property buying agency, Black Brick.
There are more opportunities for buyers in this sector of the market as activity in the higher value property pocket is subdued ahead of the upcoming General Election in May.
Investment opportunities are also strong as increasing demand continues to outweigh supply in the rental market, driving up rental yields, Black Brick says.
Camilla Dell, managing partner at Black Brick, comments:
“Despite a reported slowdown in the London property market ahead of May’s election, new client sign-up at Black Brick has been surprisingly strong. Many of our buyers have been waiting for weaker conditions and, with the election result far from clear, vendors are more open to negotiation now than at any time over the past six years. Budgets run the full spectrum of prime London prices from below £1m to above £20m, and clients are a mix of domestic and overseas owner occupiers and investors.
“Unsurprisingly, market segments benefiting from the lower stamp duty rates announced in December, and beneath Labour’s proposed Mansion Tax threshold, remain the strongest. Indeed, all the deals we have completed in recent weeks have been below £2m, including a three bedroom house in Hammersmith bought for £1.3m for an Asian client, buying for his children who are currently studying in London, which we negotiated £80,000 from the asking price. We also sourced a fantastic one bedroom flat for an investor client from the UK, bought for £865,000 with a 3.5% rental yield.”
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