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Property Valuation
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Plaza Estates experienced a busier than expected summer, securing a volume of sales above average in both our Knightsbridge and Marble Arch offices.
Whilst there remains negativity and an air of caution from many buyers, others clearly see the current market as an opportunity and not as a crisis.
Two types of buyers have emerged. Those that recognise good value and want to take advantage of the Prime Central London market and those who have a need to buy.
For those willing to speculate now could be a great time to accumulate. Many vendors are fully committed to selling, especially those who have been long term landlords. Many of these have become disillusioned by this Governments policy to attack and marginalise private residential landlords.
The prospects for the prime Central London market in the autumn period are not positive based on the projection of market sentiment. With the budget looming there is unprecedented levels of speculation about the possibility of tax hikes. The question that will be at the front of everyone’s mind is how significant the tax implications affect the prime Central London market. My personal view is the resilience of the central London market will ensure there will still be good business to be done. Vendors may need to adjust their expectations.
Over the last 6 months we have seen newly modernised properties get a premium as buyers appreciate the time and cost that goes into modernising a property to a high standard and the benefits are worth paying a price premium.
Plaza Estates have experienced trophy properties, will remain in demand irrelevant of market sentiment.
For any property matters we would be pleased to discuss with you.
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