A dreary start to 2023 gives way to positive spring vibes for Q2

A dull first quarter has dampened the spirits of the PCL property market, but prices are holding firm despite the economic downturn and an upward turn in the weather heralds a more positive Q2 if we can address the lack of stock. For buyers, preparation is key to be ready to make quick decisions and in a position to move forward. 

The first few months of the year are often reasonably quiet after the flurry of post Christmas listings, but Q1 has been a little quieter than usual. One of the key issues faced this year to date is the extreme lack of stock.  There is very little choice out there, so buyers need to be serious, committed and ready to pounce when they find something they like.  

If you're not in a position to go forward, there will be a queue of potential buyers snapping at your heels. 

The dreadful early spring weather has not helped matters, dampening enthusiasm for house hunting and getting homes and gardens sale ready. However, as we head into May with a spring in our step, new instructions are rising and the social calendar is underway, bringing foreign investors into PCL, which will add a renewed vigour to the market.

The stock crisis has meant that, despite the wider economic downturn, prime properties are holding their value, which is good news for vendors.

We are certainly looking towards a positive next quarter. LonRes reports that while the outlook for the prime London markets over the rest of 2023 may look relatively weaker when compared to the boom times of 2021 and 22, the data for the first quarter suggests performance is slightly ahead of pre-pandemic (2017 to 2019) trends.

Fortunately for Prime Central London, this is one of the few markets that is less affected than other markets around the country. At the top end, £5m+ properties going under offer increased by 20% in the first quarter, so sales at the top end of the market are set to increase again in Q2, keeping the PCL market moving. 

The full spring 2023 LonRes report can be downloaded below. 

Please don't hesitate to call us for any advice on PCL property. We have a number of very eager clients looking for premium properties, and would love to hear from vendors.

For sales and acquisitions, contact Simon or Tom on info@roseandpartners.co.uk.