International buyers looking to invest in London’s prime properties should act fast before the upcoming general election 2024.
With a slight increase in available properties and the likelihood of higher prices beyond next year, estate agents are urging buyers to snap up properties while stocks last.
The lower end of London’s prime property market, which includes properties ranging between £5 million and £20 million, has not had a great year in 2023, according to Annabel Dean, a partner at London law firm Farrer & Co.
However, some potential sellers are expected to place their properties on the market in the spring of next year, leading to additional supply coming to the market.
Beauchamp Estates has predicted that prime London residential properties will achieve a cumulative growth of 10.8% by 2027, compared to a national forecasted average of 3.8%.
This projection is based on the strong demand for prime properties in the city, especially among international buyers attracted to London’s stability and long-term capital growth prospects.
Peter Wetherell, executive chairman of the upmarket estate agents Wetherell, said that 2024 could be a “very exciting year” for London’s prime and super prime property markets.
With some significant mansions and apartments expected to come fresh to the market in the spring of 2024, buyers will have plenty of opportunities to invest in prime properties.
However, he warned that new-build super-prime properties could weaken in London over the coming years. Projects that started before the COVID-19 pandemic are now being completed, and fewer are coming up behind them, according to research by Knight Frank.
Victoria Allner, director at Strutt & Parker/BNP Paribas Real Estate, agrees that the lack of new-build, super-prime stock could be an issue in the coming years.
“Current numbers signal that existing and pipeline supply of newly built homes in Prime Central London will sell out within five years,” she told The National.
Despite the possible shortage of new-build properties, London remains a popular destination for international buyers looking to invest in prime properties. The city’s unique mix of history, culture, and economic stability has made it a haven for investors.
The upcoming general election in 2024 is also expected to bring stability to the property market, which uncertainty has affected in recent years.
In conclusion, international buyers looking to invest in prime properties in London should act fast before the general election 2024. With a slight increase in available properties and the prospect of higher prices beyond next year, now is the time to buy.
While new-build super-prime properties could weaken over the coming years, London’s unique mix of history, culture, and economic stability will continue to make it a popular destination for investors.