Spring is typically seen as the best time to buy property in prime central London, but with nearly half of people (42%) taking a holiday abroad this summer, according to YouGov research, it offers an ideal opportunity for prospective purchasers to commence their property search.
Edward Aldersley, managing director of boutique residential real estate company, Aldersley London, discusses how summer could in fact be the perfect time to buy prime property in the UK’s capital city:
“The prime central London property market continues to prove its resilience in 2023, with the number of properties priced in excess of £5 million going under offer increasing by 20% in the first quarter of the year, according to figures from Lon Res.
“London’s super prime property market has also had its strongest year since 2016, with a total of £3.1 billion spent on 161 super-prime properties in the year to March 2023.
“London’s prime property market continues to far outweigh the rest of the UK in monetary value, with buyers in this market largely unaffected by the cost of living crisis or rising interest rates. In fact more than 70% of prime central London properties sold so far this year have been bought entirely in cash.
“With a strong start to the year and the prime central London market showing no signs of slowing, at Aldersley London we have experienced a noticeable increase in the number of new instructions. We have seen a 40% uplift in properties coming to market over the last three months, situated in some of the city’s most desirable locations including Kensington, Mayfair, and Belgravia.
“Whilst many families are away for the school holidays; summer actually provides a fantastic opportunity for those keen to progress their property search. Those in the market over the “quieter” summer months will have their pick of some of the best properties that the market currently has to offer and can generally buy with less competition from those travelling internationally.
“From a marketing perspective, the sunny weather, lighter evenings, and blooming outdoor spaces also help elevate properties and show them in their best light – ideal from an agent’s perspective.”
For more information on Aldersley London, visit www.aldersleylondon.com