Majority of London Agents Have More Confidence in the Market This Year
10 February 2020
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Agents in prime central London are hopeful that a renewed confidence will continue boosting the real estate market for the year ahead, according to a report Monday from real estate data firm LonRes.
“With optimism returning to the prime market, agents have started a new decade with renewed vigor and a positive outlook on prices, rents and activity,” Marcus Dixon, head of research at LonRes, said in the report. “Of course, following a prolonged period of falls, both in terms of price and activity, news that the market is improving is very welcome indeed.”
In the fourth quarter of 2019, transaction volumes increased 34% in prime central London compared to the same three-month period in 2018.
But it was the top end of the capital city’s market that logged the most pronounced jump in sales. The number of homes that sold for £5 million (US$6.45 million) or more surged 78% in the same time frame, the report said.
Positive sentiment began to return to the market following December’s general election and launched a flurry of activity as buyers reemerged from waiting in the wings.