News / Market Comments | 2 Mins Read

Sales Market Comment – Summer 2023

Name: Sales Market Comment – Summer 2023
Brand: Plaza Estates
Rating: 5 (62 reviews)

By Eitan Fox | Created on 15th June 2023

Whilst the Spring period for the prime central London property market proved to be uninspiring, this was matched by some of the wettest weather experienced in decades.

At the beginning of the year analysts predicted double digit price falls in the market. We can report property prices in general have remained stout with many vendors unwilling to react to global financial pressure following Covid and the conflict in Eastern Europe.

We are very much in a period where vendor and buyers expectations are not aligned and this can be partly down to mixed conjecture.

The period of Covid was an unrealistic time where there was a frenzy of activity and people were focused to move and change their home experience driven by the fact they were at home more than ever before.

Whilst we are seeing for the first time in over a decade the rise of interest rates back to levels last experienced in 2005, I think the market place needs to see this as normalisation. Global low interest rates are gone for the foreseeable future and the race for space inspired by the pandemic is over.

The predictions made by the analysts were correct and it is due to the financial weight of the prime central London property market why prices did not come down as quickly as predicted or hoped by buyers.

We are still seeing a steady influx of enquiries, but for the level of transactions to increase levels as seen in the last couple of years, I would predict vendors will need to lower their expectations to align where buyers see the value of the property market.

There are signs that prices are being corrected and with a healthy activity of new enquiries, we anticipate transactions will improve in the summer period.

If you are looking to sell or buy a property, do get in touch and we will look to meet your property needs.

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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.

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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!

Sales Market Comment – Summer 2023

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