The Prime Central London sales market is set for revival during 2020, according to the latest research report released by real estate services firm JLL. Prime Central London is among the top residential property markets in the world and its transactions reflect the health of the luxury real estate sector in the UK.
JLL said that the improved market sentiment in view of a new government in the UK should lead to a stronger rally in transactions during the first three months of 2020 with more buyers and sellers returning to a more liberated market. JLL also expects the first price rise in over five years during the first three months of this year in Prime Central London.
The demand momentum saw a rise towards the end of 2019 and this is expected to strengthen in Jan-Feb 2020. The renewed level of demand has come from domestic and overseas buyers and from owner-occupiers, small flat buyers and some investors. Overseas buyers have been encouraged by the weak pound, which strengthened following the elections, JLL pointed out.
Consequently, positive price growth, which eluded the Prime Central London market, was expected to resume this. The sales price is expected to grow by 15 per cent in the next 5 years (by 2024) as London continues to retain its position as one of the top real estate investment markets in the world.
The Prime Central London sales market picked up at the end of 2019 as the General Election result injected positivity and a more certain outlook.