Property experts and house hunters in the British capital believe that subdued house price growth and market uncertainty spurned by Brexit presents opportunities for eagle-eyed buyers to snap up bargain property in London.
Recent data from Rightmove shows that the average asking price of a property in London has, for the first time since August 2015, fallen below £600,000.
However, instead of being deterred by the fall, savvy property buyers are viewing the lull in the market as a great time to snap up a bargain property in the capital.
As one property buyer told the Daily Telegraph:
“Estate agents say that it won’t get much better than it is now to buy a property in London, compared with in a few months when Brexit is washed through and we know which direction we’re going in.”
Such sentiment is shared by Henry Pryor, an independent buying agent.
“Uncertainty is bringing with it opportunity because people don’t know how their sale is going to go, or how far their budget will stretch.
“As a result, people are jumping the wrong way. Sometimes people are selling for less than they might have been able to get and in other cases other people are sitting tight,” Pryor told the Financial Times.
The devaluation of the pound following the Brexit vote has meant property in London is becoming increasingly attractive to foreign investors who can capitalise on the current economic and political uncertainty by purchasing a property in the capital at a time when the price of the average asking price is below £600,000.
If you are looking to buy property in London 2019, property auctions can be a cost-effective way to purchase a home. Check out the lots confirmed for our forthcoming property auction in London.