Dexters work extremely hard to work alongside their clients to ensure that properties are priced in line with market trends.
The prime central London market in particular is undergoing a period of adjustment following years of extreme growth – prices have increased by nearly 90% since 2008. Clients are realising that buyers are looking for value, and that their expectations (set as a result of the extreme growth in prices over recent years) are perhaps unachievable in the current market.
Ebbs and flows are to be expected, but Dexters can confidently say that there is still upward pressure on prices, with the overall trend being that of gradual increase. It’s important to remember that the prime Central London market is still adjusting to reflect the recent increase in stamp duty. Following the recent Autumn Statement we can assume that the duty is here to stay for the foreseeable future, so we can begin to expect less volatility in terms of prices.
A Reuters poll of property market analysts predicts house prices will rise two per cent next year - a fall from forecasts taken before the EU referendum in June, when the same group of experts believed they would go up about four per cent. However, the predictions have improved since a poll conducted in in August, with the estimated growth rate for 2018 uprated from 2.4 to 2.7 per cent. In general, the housing market has outperformed very low expectations since the shock referendum result. A succession of tax changes for buy-to-let landlords, dampening demand from investment buyers, has also caused the market to cool, while in many areas, house prices are already broadly unaffordable. According to a study by the NAEA this week, there are now more than ten buyers for each property for sale in the UK.