Get in touch

Speak to us now on live chat

Speak to someone on the phone

We can call you

Send us an email

Go Back

Call us today:

020 8115 4286

If you wanted to speak to a local expert, please go here to contact a specific branch.

Please provide us with the below details and one of our local experts will be in contact.

Please provide us with the below details and one of our local experts will be in contact.

All done

Thank you for providing us with your contact details, one of our local experts will be in contact.

Get in touch
  • Speak to us now on live chat
  • Speak to someone on the phone
  • We can call you
  • Send us an email
Go Back

Please provide us with the below details and one of our local experts will be in contact.

Go Back

Please provide us with the below details and one of our local experts will be in contact.

Go Back

Call us today:

020 8115 4286

If you wanted to speak to a local expert, please go here to contact a specific branch.

Go Back

All done

Thank you for providing us with your contact details, one of our local experts will be in contact.

Contact Intellectual Property – Prime Central London, post-election 2017

Fill in the form below to get in touch

Sales or Lettings enquiry

Your Details

We will use your data for the purpose of your enquiry. After we have responded, we would also like to send you emails with information on our other products and services, including our regular newsletter which contains special offers, property photos, hot topics and useful tips.
Please tick this box if you are happy to receive this and remember you can change your preferences at any time. If you would like to know more about how we use your data please visit our Privacy Notice here

All done

We received your message. Our expert local team will review your details and get back to you shortly.

If you need any more information call us on

Contact North Seven

Fill in the form below to get in touch

Your Details

We will use your data for the purpose of your enquiry. After we have responded, we would also like to send you emails with information on our other products and services, including our regular newsletter which contains special offers, property photos, hot topics and useful tips.
Please tick this box if you are happy to receive this and remember you can change your preferences at any time. If you would like to know more about how we use your data please visit our Privacy Notice here

All done

We received your message. Our expert local team will review your details and get back to you shortly.

If you need any more information call us on

Buy

Selling

Rent

Landlords

New Homes

Land & Investment

Area Guides

Offices

Contact Us

Award-winning customer service

Rated 4.9 out of 5 by our customers

Established in London since 1856

Local know-how, better results

Main Menu

Award-winning customer service

Rated 4.9 out of 5 by our customers

Established in London since 1856

Local know-how, better results

The Sidings

Acton, W3

From £465,000

Homestead House

Streatham, SW16

From £530,000

Request Valuation

Intellectual Property – Prime Central London, post-election 2017

David Ruddock, Associate Director and Sales Manger of our Marylebone & Mayfair office, assesses the impact of June’s general election on the prime central London property market.

Have turbulent waters calmed, or choppy seas returned?

When I woke up on the morning of the election results I confess that, as I turned on the news, my heart sank. I anticipated a coalition government would be greeted by the market in a similar way to the Brexit vote. 2016 was a very difficult year for the central London sales market and, having seen a resurgence in confidence towards the end of last year and the beginning of this, I anticipated the result would dampen this recovery. Surprisingly, instead of being greeted by cautious buyers and concerned sellers, we have encountered confidence and a determination to get on with things. On election day itself we received five offers, all of which have been agreed, and we’ve seen a general increase in activity since then. So why is this?

There were two significant influences on the prime central London property market in 2016; stamp duty changes with the introduction of the 3% surcharge, and the outcome of the EU referendum. Stamp duty changes encouraged many investors to finalise transactions before the end of March 2016, bringing sales forward and ensuring that Marsh & Parsons had the most successful single month in its history. Demand naturally softened after this as sales accelerated to beat the deadline. Then, the unpredictability surrounding Brexit caused a further softening of the market which continued after the result in July. A significant number of clients decided to ‘park’ their properties on the lettings market as the climate remained uncertain throughout the rest of the year, we saw supply in the lettings market peaking in August 2016, up 53 per cent on April 2016. This over-supply inevitably led to downward pressure on rental yields.

The market seemed to find a more natural balance towards the end of 2016, when prices stabilised and transaction levels increased. This was caused by a restriction in supply, astute foreign investors utilising preferential exchange rates, and a general realisation that the UK economy and broader demand for housing in London was not going to collapse.

Since Article 50 was triggered in March this year we’ve seen a return in demand from buyers seeking second homes for themselves or family members. That’s come with a reduction in supply, down 13 per cent across the Marsh & Parsons network and 26 per cent in prime central London* (Q1 2017 vs Q1 2016), resulting in increased competition amongst buyers for fewer properties, and more competitive price levels leading to quicker transactions.

This has not changed post-election. It seems that the buyers are taking a long-term view, which is understandable with transaction costs as they are, and have remained confident in the prosperity and health of the market. In short, though we sail in perceived choppy waters, the market has found its sea legs.

If you would like to discuss the market or have an up-to-date appraisal of your property or portfolio, please do not hesitate to contact me.
*Marsh & Parsons defines ‘prime central London’ as to include Chelsea, Earl’s Court, Holland Park, Kensington, Marylebone, Notting Hill, Pimlico and South Kensington.

Q3 Property Market Update from Marsh & Parsons Read More
What’s next for the London property market? Read More
The Help to Buy scheme is ending two months early Read More
Our top properties along the Elizabeth Line Read More
Q2 Property Market Update from Marsh & Parsons Read More
Mental Health Awareness Week Read More
Spring has sprung at Telferscot Primary Read More
What’s your next career move? Read More
Spring Statement 2022 – What it Means For You Read More
International Women’s Day 2022: Break the Bias Read More

Marsh & Parsons is registered in England (Company No. 05377981) Registered office address: 80 Hammersmith Road, London, W14 8UD (VAT No. GB 842 7959 83) | Copyright © Marsh & Parsons 2018

Client Money Protection is provided by Propertymark. The redress scheme for Marsh & Parsons is The Property Ombudsman Scheme. Calls may be recorded and/or monitored for training and/or data protection purposes. We are members of The Property Ombudsman (TPO), there to protect your interests. We abide by the TPO code of conduct.

We may refer you to recommended providers of ancillary services such as Financial Services and Insurance. We may receive a referral fee for recommending their services. You are not under any obligation to use the services of the recommended provider, which may also be an associated company of Marsh & Parsons.