House buyers are returning to London, lured by attractive house prices, despite uncertainty driven by the impending official Brexit date in March 2019. This was the finding of a report by Rightmove, which revealed there has been a steady pick-up in buying activity in the UK capital.
The upswing in buyer activity signals the beginning of a recovery for the market. Rightmove’s optimistic overview of the housing market in London follows similar buoyant data by the House Price Index. The recent UK House Price Index (UK HPI), which shows house price fluctuations in England, Scotland and Wales, revealed that as of June, house prices had risen 0.4% since May 2018 and at an annual price rise in England of 2.7%, taking the average property value to £245,076.
This optimistic vision of the UK’s property market comes despite uncertainty that Brexit is likely to negatively impact house prices.
Whilst Brexit might be generating nerves and jitters in almost every industry, people will always be looking to buy and sell houses, regardless of the market.
As Lucy Pendleton, co-founder director of James Pendleton Estate Agents, told Homes and Property:
“In terms of the first- and second-time buyer market they are very much conscious of Brexit and it’s definitely something that’s affecting the pace at which they are making a decision, but they are still moving forward.”
Pendleton pointed towards the increase in buyer enquiries in London this summer, stating:
“The number of buyer enquiries has increased by 18 per cent from this time last year so the motivation is there for buyers to come back out into the market.”
With house prices in London showing signs of recovery, influenced, in part, by more attractive house prices, now could be considered as being a good time to invest in property in the capital.
If you’re interested in London property have a browse through the current lots we have available for our upcoming property auction in London.