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London property prices bounce back ahead of General Election

Property prices in Britain’s capital have bounced back this month, with the average asking price in the City rising to £649,864 – 2.1 per cent higher than figures recorded in April.

The data comes from leading property body Rightmove, which also found that prices of homes in inner London are now up by 0.6 per cent year-on-year, while values in outer London have grown by 1.2 per cent.

The research suggests that buyers and sellers are defying the usual trend of postponing transactions until after a General Election.

Miles Shipside, director at Rightmove, said: “Time will tell how close these sellers get to their asking prices, but the uncertainty associated with an election has not deterred them from trying in increasing numbers and at an increased average price.”

Despite his comments, a separate study carried out by LonRes in recent weeks has revealed that the average Prime Central London property sold for 9.1 per cent lower than its asking price in the first quarter of 2017.

Whether this trend continues later into the year remains yet to be seen, but Mr Shipside seems to think that “moving pressures are taking priority over electioneering and Brexit worries” at the minute.

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ELS Legal is an international law firm based in London with more than 50 partner offices across the world. As part of the Cathay Associates global legal network, we are the first choice law firm for a number of British businesses and overseas clients.

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