The United Kingdom has a developed, dynamic real estate market, it is one of the most expensive markets in the world. It is worth noting that the real estate market throughout the UK is a combination of stability, reliability, and an attractive business environment. However, the most popular real estate in England, primarily due to London.
The capital is famous for its favorable business climate, centuries-old history, culture, and comfortable living environment. Here is an impressive and active sector of luxury real estate. A distinctive feature of the London market is that mainly demand is provided and fueled by foreign investors. The real estate market in London is represented by luxurious mansions and modest apartments.
Numbers of 2019
Sales in the premium housing market in the British capital increased in the second quarter of 2019 compared to the same period in 2018. This was facilitated by an increase in transactions in the segment of properties worth from € 11,722,100 to a four-year maximum.
A recent analysis by Knight Frank also shows that the market has improved on a quarterly and monthly basis, although prices are still falling compared to last year.
In central London, premium housing rose 0,7% from May to June but fell 0.7% on a quarterly and 4.8% year on year basis.
Outside the center, prices fell 0,1% for the month, rose 0,3% for the quarter, but fell 3,7% in June 2019 compared with the same month of 2018.
According to analysts, it is difficult to assess the future impact on the value of real estate proposed by the new Prime Minister Boris Johnson, a reduction in stamp duty. At the same time, high stamp duty and political uncertainty have restrained activity in the field of buying objects worth more than €1,172,200 over the past four years.
Nevertheless, the situation improved slightly when the time period for leaving the EU was postponed from March to October.
In general, demand rose after adjustments to stamp duty prices, although market fluctuations are still observed due to political uncertainty. The premium real estate yields in the center of the capital increased in response to higher rental costs and lower prices.