LONDON PRIME PROPERTY PRICES ON THE RISE
Published: 08/08/2019Despite what you are reading in the press about low prices and a slow market, we have recently successfully sold a property in Royal Avenue for only 6.5% less than our client paid for it at the peak of the market. The latest Coutts London Prime Property Index states that prime London property prices have increased again in the second quarter of this year and sales activity is increasing. If more sellers can be encouraged to put their properties on the market to add to the low pool of properties on offer and the currency continues to weaken further the combination could turn the market watchers into the market makers.
On the lettings side, Coutts’ Index also states that gross rental yield remains unchanged at an average of 3.9% across prime London markets with a continued strong demand for rental properties. We’ve noticed this and are having success in letting out our properties at close to asking rent due to a recent increase in rental applicants. We started the year with 99% of our portfolio let and we have continued to fill vacant properties as tenants have vacated causing minimum cashflow disruption to our landlords.