The preference for new and modern properties and the lack of current stock of this type will mean that price growth and investment returns, covering all property types in Prime Central London, are likely to be dampened in the medium-term. The Prime Central London lettings market experienced a very active Q3, boosted by the sheer number of HNW students renting higher value properties- however their desire for new-build property is clear.
Aside from the need for the modernisation of properties, the short-term outlook in both the Prime Central London sales and lettings markets will be impacted by the ongoing Brexit uncertainty. If a deal with the EU is secured, however, we expect both price growth and rental growth to rebound quite quickly. At the most fundamental level there continues to be a lack of transactions and a scarcity of properties to buy, especially of good quality.
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