News / Market Comments | 2 Mins Read

Sales Market Comment – Spring 2023

Name: Sales Market Comment – Spring 2023
Brand: Plaza Estates
Rating: 5 (61 reviews)

By Eitan Fox | Created on 30th March 2023

This time last year there was a feeling of optimism as finally all restrictions of the Covid pandemic were lifted.

One year later, how things have changed. Global high inflation, interest rate hikes and the conflict with Russia and the Ukraine still raging on.

These variables have had an impact on the first quarter of 2023. Sales in this period have dropped by 30% from the same time last year.

Furthermore, a banking crises in America and Europe may influence the Prime Central London property market. The last banking crises in 2007/2008 saw a profound effect of the credit crunch. From this, there was a period of positive growth for 6 years.

In times of global uncertainty, there is always a flight to quality and prime areas in the borough of Westminster and Kensington and Chelsea are benefitting from this.

With more properties coming to the market it is essential that vendor and agent strategically plan marketing and pricing to ensure the best results when launching property.

We feel applicants may need to manage their expectations and realise that property prices will not be crashing. There remains a shortage of stock in the market and any correction will be single digits and not the over exaggerated figures the media forecast.

We have noticed an increased number of buyers entering into the PCL market who are choosing to pay in cash for their purchases. The advantages of this strategy go beyond avoiding rising interest rates. Many vendors will place significant value to cash buyers resulting in them obtaining a property at the best price possible.

If you are considering or are already looking to transact in the spring market, we would be pleased to discuss your property needs.

Looking to Sell or Let?

Begin your journey with a free property valuation.
Get the facts and figures to make informed decisions.

Got a question?

If you want to know more contact us,
and we’ll be happy to help you.

Eitan Fox

I started at Plaza Estates in 1986. Eleven years were spent successfully running the Marble Arch office. Subsequently, I was asked to take on the exciting challenge of running the Sales Department in our Knightsbridge office. I have built an experienced team with the ethos that local knowledge, hard work and professional service will always provide success to our clients. With ever changing technology of which Plaza Estates are at the cutting edge of, I have often been asked, with over 30 years in the business, how I retain my enthusiasm? I am delighted to say many of our multi million pound clients are genuinely my friends and I have a great passion for people. My staff and I never forget that this challenging industry ultimately is a 'Peoples Business'. Therefore I would welcome the opportunity to help you with your property needs and hope you will allow our fully equipped and motivated team to provide you with their professional assistance.

Market Comments | 2 Mins Read

Summer Sales Market Comment 2026

The Spring sales market proved to be challenging on many levels. The conflicts in both the Middle East and Eastern Europe raged on and t...

Eitan Fox

Summer Lettings Market Comment 2026

Summer has certainly arrived in Prime Central London. As temperatures approach 40 degrees, the lettings market itself remains somewhat te...

Fraser Gregory

Spring Sales Market Comment 2026

Our winter newsletter predictions have been superseded by the events of the middle east war conflict. It has affected global economic an...

Eitan Fox

The Negotiator Awards 2024 - website of the year

Alicia Norman

If you want 5-star reviews and want to remove negative reviews from Google, contact me via my profile; my contact details are listed there.

Dear Eitan In this whole sorry saga, with headbutting, unproactive lawyers, and a comatose estate agent etc etc, you have been a beacon of light throughout. Efficient, professional and responsive. This would never have got done without you. Thank you. All the best.

Maurice Shasha

We have been using Plaza Estates for many years for all our property requirements (sales, letting and management) and are delighted with the results and service they constantly deliver and provide!

I generally dealt with the Marble Arch branch most of the time, but I can also say that the Knightsbridge office was also exceptionally helpful and professional on the occasions I did deal with them. Plaza Estates in general are excellent.

Have interacted with Plaza Estates across a couple of sites and always been impressed. Maurice must be the hardest working, most dedicated, helpful and knowledgeable account manager for any company anywhere! A real asset to the team!

I have been a client of Plaza Estates for over 30 years and received excellent service. Both Rodney on the rental side and Fiona in the property management area have been have been attentive and helpful and always willing to go the extra mile on the few occasions when there were problems.

Hope both of you are doing well. I wanted to thank you for always being there for us and for addressing our concerns promptly; safe to say you have been the best agents I have had the pleasure of interacting with.

We have owned our Flat since 2008, which we purchased through Plaza. Our relationship with Plaza goes back to 1982 when we purchased a nearby flat and Plaza have handled all our lettings since then. I would have no hesitation in recommending Plaza - they will find you a good tenant and ensure your ...

Thank you again for all your advice and calm attitude and charm. Nobody could try harder than you, and for which, we really thank you and appreciate it all, not just now, but over the years. Thanks again for everything!

Thank you for your kind help and your advice, it's been precious!

Sales Market Comment – Spring 2023

Looking to Sell or Let?