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LCP Private: Summer Review
Even though the summer months are typically a quieter period in the real estate market, LCP experienced a twofold increase in new search clients this summer compared to the previous year. This surge can be attributed to proactive buyers aiming to gain an edge over the competition. Our buyers are looking for both rental investment opportunities and home purchases.
Price growth in PCL, Greater London and England & Wales (3-mth rolling)
Despite the summer holidays, PCL apartments continued to outperform PCL houses, Greater London and England & Wales. It is the only market to see positive growth in the last year.
Autumn is poised to be a busy season as many overseas buyers return to London requesting property tours, after three years of pent-up demand. In a more competitive market, good quality stock is sold quickly making it challenging for buyers to find the best property and secure substantial discounts, unless they have the help of a professional representative.
Notwithstanding the encouraging market uptick, the smart buyer can still take advantage of the market being weaker than historically. PCL prices are currently 6.2% below their 2015 peak, with flats 7% lower and houses 1% less.
Who is buying in London?
Naomi and Liam have recently returned from their successful 10-day trip around Asia and saw a renewed interest in Central London property from buyers especially in Hong Kong, Singapore, Kuala Lumpur, Bangkok and China. Nearly 60% of our buyers are based in these regions. With stamp duty taxes in the UK much lower than other jurisdictions, London property is still very attractive to overseas buyers despite recent interest rate rises.
Appetite for buy-to-lets has also not abated as nearly 50% of our buyers are purchasing a rental investment. These smart investors are adopting a long-term view and looking to buy now whilst prices are still suppressed, add value through refurbishments and take advantage of the strong rental market.
With the current economic climate in the UK, being a cash buyer is very advantageous. Our clients are currently either investing totally with cash or using small amounts of debt finance.
We have also seen the return to apartment living as buyers move back to the very centre of London, close to work, the West End, its fine shops and restaurants, children’s education and the financial centre. The country house market in the UK had a booming three years during the pandemic but now the reality of living outside London is starting to become less attractive. This market had significantly over inflated and prices are now beginning to fall. It has recently been reported asking prices for UK homes, excluding PCL, have suffered the sharpest August drop since 2018.
Discover Luxury New Builds in London with LCP
When it comes to the sophisticated London lifestyle, new build luxury apartments stand as the epitome of contemporary elegance. We are delighted to announce that we now add new build property searches across London to our remit, offering exclusive access to only the best in class developments. To start your property search with us and explore the finest selection of new build luxury apartments in London, get in touch.
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 clients acquire, renovate, design, let or manage their property in Prime Central London. Whatever your ask, we are here to help.