A price fall of 0.3% was recorded across prime London in Q1 2019, leaving prices 2.5% lower than a year ago.
The real estate service provider claimed that this was encouraging given the ongoing political turmoil.
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Other key findings from Savills’ research:
- applicants and viewings increased in the first quarter of this year
- price expectations of buyers and sellers have narrowed, keeping the market moving, while location and condition continue to be key selling points
- affordable properties in the north and east London markets have been the strongest performing
- north and east London properties worth less than £750,000 have seen prices fall by an average of 6.8% since June 2016, whereas properties worth over £1m have seen values fall by 14.8%
Savills has forecasted a “relatively subdued” prime London market during ongoing Brexit negotiations, with further significant price falls unlikely due to the low supply of available housing stock.