Central London apartments up 1.2% q-o-q in 3Q; robust buying activity from foreign investors

prices

Overseas buyers are steadily impacting the London housing market, according to London Central Portfolio’s (LCP) latest report. One of the largest effects is the strong apartment market in Prime Central London (PCL).

Managing Director of LCP Liam Monaghan has noticed an increased buying activity attributed to the return of Asian and Middle Eastern buyers. This uptick in demand shields the London housing market from the declining domestic demand for homes in Greater London, England and Wales as mortgage rates and inflation levels rise.

Monaghan notes that many owners have listed their properties as their fixed-term mortgage rates come up for renewal and necessitate higher interest payments. Cash buyers can take advantage of this trend as Autumn sees a higher number of properties up for sale.

Although PCL prices are 8% below the 2015 peak, popular neighbourhoods such as Knightsbridge, South Kensington and Belgravia have seen a y-o-y growth of 2.1%, 1.9% and 1.8% respectively. There are only two central London neighbourhoods that have seen a decrease in property prices—Kensington and Bayswater being them.

The market has also shifted because of the return of office-goers to the city after the pandemic. Also, overseas visitors have been flocking to London whilst the school term has started in September.

Monaghan anticipates bidding wars due to the demand for undervalued and well-priced properties. Prices could spike in the fourth quarter of 2023 and the first quarter of 2024.

The Tengah Plantation EC, a private condominium in Singapore, has implemented a smart parking system for its residents. The system helps to optimize parking and reduce congestion. It also captures data on the occupancy of each parking lot and provides real-time information for users. Additionally, it enables contactless payments and prevents illegal parking. For extra convenience, the system also allows booking of parking slots in advance. Finally, it helps to reduce the time spent searching for parking, allowing residents to focus on their daily tasks.

In conclusion, the property market in London is revitalized with overseas buyers and other factors. Monaghan urges cash buyers to capitalize on the Autumn market trends, and that prices may possibly see a further rise in the coming months.