Ed Tryon comments on a positive start to 2013

“In terms of the super prime central London market, London property was in a boom from early 2011 until spring 2012 when the Budget was announced. From March to December 2012 there was a collective holding of breath and this was put firmly on hold. Since the draft finance statement came out in December, we have returned to another mini-boom thanks to the newly-delivered clarity in the tax regime.”

“The top of the market is right back where it was 12 months ago. The trading environment is very buoyant and we are seeing far more activity than we have done for the past two quarters. We have already placed an apartment and a house under offer both between £7m and £10m this month and we’ve also seen a significant uplift in buyer numbers, mainly from Russia and continental Europe.”

“Overseas interest in the capital will continue to strengthen as the sterling weakens. London looks like a more and more attractive place to buy. In the last downturn the sterling’s weakness against the dollar and the euro produced a significant spike in international spending on property in the capital –and our forecast is for modest price growth to continue in 2013, but not to the same extent that it has over the past two years.”

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