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The PCL market had a strong quarter seeing growth of 1.4% as buyer demand grows.
London Central Portfolio evolves to LCP Private Office
A busy start to 2024 as London Central Portfolio rebrands to LCP Private Office. With our long history of innovation, our new messaging and branding perfectly reflects our diverse range of private client services.
Sales and Rental Market Update
London remains on an upward trajectory with pricing outpacing the broader UK markets in 2024. This trend is also echoed in the Halifax House Price Index, where UK-wide house prices have decreased by £3,000 per transaction, whilst London’s prices continue to improve, indicating a promising outlook for the capital. The PCL market had a strong quarter seeing growth of 1.4% as buyer demand grows.
First-time buyers are contributing to this market growth as the buoyant rental market encourages many tenants to look towards buying. Within LCP Private Office, over 35% of our clients are first-time buyers. Areas of particular interest are Battersea, Marylebone, Islington and Canary Wharf.
Rents are standing 40% higher than this time three years prior and landlords can now secure a 5-year fixed rate mortgage close to 5%, a significant drop from the 8/9% rates seen in 2023. This creates an appealing opportunity for discerning investors. Our Q1 2024 lettings report will be out shortly.
There are still deals to be had in London with flats standing 9.2% below the peak in 2015, although according to our latest data analysis this window may start to close. We recently secured a 3 bedroom apartment overlooking Hyde Park for a sophisticated investor, negotiating a 14% discount off the sales price. The property benefits from off-street parking and a resident caretaker.
Investment Hotspot – Pimlico
Apartments in Pimlico are proving to be an attractive investment option for investors as they saw the second highest annual growth in values (2.4%) in PCL and offer one of the largest discounts from the 2015 peak at -11.6%. With its close proximity to Chelsea and Kensington, Pimlico always proves popular with overseas students.
Overseas Trip
Liam Monaghan and Kevin Coughter recently returned from a busy fortnight in Asia visiting Hong Kong, Singapore and Kuala Lumpur. Overseas buyers believe now is the time to buy driven by the aftermath of Brexit and Covid as well as the higher rental yields and potential lower interest rates. Many overseas buyers are showing interest in various property types, including buy to lets, second homes, new builds, purpose built student accommodation and hotels.
Comment from Liam Monaghan, Managing Director at LCP Private Office
I am delighted to share our new branding with you. LCP Private Office is more than just a buying agent. We are here to be a guide through the entire property journey for our clients. With an unparalleled understanding of the market, we can acquire homes and hotels. Whatever your property need, we are here to help.
The upcoming general election is yet to dampen buyers’ spirits with the attractive discounts and rental yields available. While uncertainty may temporarily slow activity, London remains a steadfast favourite due to factors like the GMT time zone, educational institutions, and employment opportunities. Many of our buyers continue to prioritise London over other global cities for these reasons.
How is LCP Private Office different from other buying agents?
LCP Private Office is more than just a buying agent. Established in 1990, we help home owners and rental investors acquire, renovate, design, let or manage property in Prime Central London. Whatever your ask, we are here to help.