Our Predictions for 2017

When it comes to the sales market we predict trading conditions to remain challenging for 2017.  This, we imagine, will very much be the case for Q1 2017 as buyers, and in particular foreign buyers, wait by the sidelines until Article 50 gets invoked at the end of March.  We have many foreign buyers on our books who are telling us they are keen to buy again in London to take advantage of the devaluation of sterling thus far and the drop in capital values over the past couple of years.  Many of these buyers from overseas are already beginning their searches, but will hold off till Q2 2017 when they believe sterling will come down further.

We believe there will be a short window of opportunity for foreign buyers between Q2 & Q3 2017 to buy back into London at levels not seen since 2009, if you factor in the currency and drop in property prices.  We don’t think this window will be open indefinitely, as once we know the direction the UK is heading in sterling looks set to strengthen against other currencies.  This buying spree could be fuelled further in the spring if the Chancellor decides to finally acknowledge that the stamp duty overhaul, introduced by the late Chancellor George Osbourne, has not worked and lowers stamp duty in the Spring Budget on March 8th.

Now is the time for all good agents to take on the stock and register buyers on their books in order to capitalise and generate the revenue needed to get them through the year in Q2 & Q3.

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