Junaid Iqbal Mohammed Memon
Prestigious Addresses are Seeing Price Increases by Junaid Iqbal Mohammed Memon
11:21London’s Prime Property Market Shows Positive Outlook
Junaid Iqbal Mohammed Memon is a seasoned investor and property developer who owns and manages properties both in London and in Dubai. Having been exposed to the ins and outs of business thanks to his family, he has since applied what he has learned into property development. To date, he has completed several residential projects. The founder of the Cloud Nine Group, he is based in Dubai and London.
Buyers and sellers in the British capital are more optimistic about the prime residential markets in Central London. This is mainly thanks to rent increases and the rising house prices in the first quarter of 2018 despite the fact that transactions seem to remain low.
The most desirable districts in Central London are still quite in high demand among property renters and buyers. Quarterly price increases have been seen for the very first time in such prestigious addresses as Kensington, Chelsea, Mayfair, and Knightsbridge. This is for a period of one year. There also seems to be signs that the lettings market is starting to stabilise after falling rents of three years.
There has have been considerable changes in the residential landscape of the UK capital for the recent years. There has been an increase in the stamp duty for properties that are of higher value and there have been uncertainties when it comes to the possible impact of Brexit. Still, the outlook seems to be considerably positive now for both sellers and buyers alike.
People who have owned prime properties before these changes were introduced have now adopted a more accepting attitude over the new dynamics. However, there has also been an increase in second-hand property entries in the market. These properties will now join the present inventory of new-build projects that are being launched in the capital’s most sought-after locations. This is expected to create a marketplace that will be more competitive throughout the rest of the year.
Across central London’s prime district, there has been a modest property increase of 0.3% for the first quarter of this year. A more substantial growth has been exhibited in such submarkets as South Kensington, Chelsea, and Mayfair. Houses with three bedrooms were the ones that really got the greatest price gains for this year’s Q1 at a £2 to £5 million range.
Still, despite the increase in house prices, the first quarter saw a decrease in the sales volume of sold property across the prime locations in London. This just suggests that many owners are likely waiting for the prices to substantially recover before putting theirs in the market, especially now that there are clear signs that the property cycle is slowly recovering.
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Also, there are factors such as economic and political uncertainty in the UK that may have also influenced buyers’ decision to try and bide their time to see how things will unfold in the next general election and until the terms for Brexit will finally be laid out. Many are optimistic though that the outcomes will be nothing short of favourable. Stay current with the latest trends and news in the UK property market by reading about Junaid Iqbal Mohammed Memon online. You can also follow the Junaid Iqbal Mohammed Memon Facebook page. Learn more about Junaid Iqbal Mohammed Memon by checking out his website here.
