The latest market research reveals a stagnant market in which both buyers and sellers are in wait-and-see mode while Brexit negotiations play out.
It says that across the capital’s prime hotspots, sales transactions in the third quarter were down 5.5 per cent versus the second quarter, and down 15.8 per cent from the same time last year.
Over the long term, the scale of the fall is starker still with sales volumes falling by a third since 2013.
Discount rates remain high but have fallen for the third consecutive quarter, suggesting that the tide might be turning – in any case, however believes better times are ahead.
However, buyers need to be warned about down-valuation risks.
In a market where house prices are falling, property valuations coming in lower-than-expected are not uncommon.
It adds that for buyers with a long-term view, high discounts and low competition amongst buyers mean this could be a great opportunity to buy prime property in the capital.
