Following a slow spring, we're hoping for a summer rally

It’s been a strange and somewhat frustrating year so far in the property market, and it’s fair to say that no market has been left unaffected, not even PCL!

Sales have continued to slow and whilst we would usually be in full spring/summer swing right now, things have taken a long time to get going this year, not helped by a month of bank holidays practically every weekend and train strikes aplenty, which have made coming into London or getting across town an absolute nightmare much of the time. 

HOWEVER, we have actually secured some fantastic properties recently and achieved some very good deals and according to LonRes, Prime inner London was the best performing area, recording annual growth for the first time in six months of +3.5%. 

"£5m+ sales volumes in April were 26.1% up year-on-year and 58.2% above the April pre-pandemic average (2017-2019 April). The number of properties going under offer in April also grew, 13.6% up on a year earlier. This is well above past trends at 63.0% above the 2017-19 April average level." LonRes May report. 

The positive news is that the London events season is underway, and the sun is shining, a great combination which will likely serve to boost to the market: There’s nothing like Prime Central London in the summer time and we hope to get a early summer rally to counterbalance the slow spring.  Last year, we never really broke up for August summer holidays like we have in the past, and this year could well be the same. 

There is a fair amount of negativity in the news at the moment regarding the property market, but it’s nothing we didn’t already know. Prices are at a standstill having re-adjusted from the post-Covid high, but we are very short on stock, so there is most definitely still a market for those who want to sell and for buyers who are in a good position. 

All we’d say is, be realistic if you’re a vendor and only take an offer from someone who’s either a cash buyer or who has their own property securely under offer. There’s no room for mucking around right now. If you're a buyer, be patient, but be ready. You need to be ready to jump. This is a market for serious buyers only, please!   

Below is the latest LonRes market report for your perusal. 

Have a great month.