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The pulse on Central London

9th November 2018
The Central London market picked up after a quiet summer, we have seen a spike in interest from buyers from Asia and USA. Currency is a key driver behind investment, where the opportunity arises for a good yield then overseas rental investment will also exist. The trickiest part of the market remains in the £3m - £7m bracket, with SDLT charges being the biggest consideration behind a purchase, vendors must be mindful to ensure that their property is showcased and positioned well against competition. Ensuring your agent has the reach you require is also key to draw in prospective buyers from across the globe. Colleagues from New York, India, Gulf and Miami offices have visited us on numerous occasions. Interest from these markets remains strong and buyers from these regions believe that London is a safe and strong place for long term investment. Our UK China team was very busy during the Golden Week” holiday with offers agreed across various parts of Zone 1. We have transacted with our Denver, Miami and Gulf teams recently, and on numerous occasions with our Asia teams. Buyers have a sense of legacy purchasing and looking at future investment for their children, or if they intend to send their children to the UK for schooling purposes. This year London retained its title as the No. 1 City in the world for education with some of the world’s leading schools and universities within Central London and the periphery. London was also named as one of the best places to work – this is showcased by Google’s commitment to grow their UK base at Kings Cross and Apple reportedly taking a significant office space at Battersea Power station which may house more than 3000 employees. The technology industry remains one of the highest sectors of employment for relocation. Pricing is key, and vendors should be aware that they simply must adjust where required. Buyers are educated, and the costs associated with a purchase are the principal driver behind any purchase. The Super Prime market has seen some interest with some good offers being agreed at sensible negotiation levels. Best in class developments and boutique schemes are seeing less discounts being applied to agreed sales pricing.    Guy Bradshaw, Director, Head of London Residential

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