Buying activity started early

Pent-up demand released post-Budget has led to a busier than usual Christmas and New Year period. Rather than activity building in the third week of January, as is typically the case, we commenced several new searches unusually late, in mid-December. For one client, we carried out a first round of viewings on the 18th December and second viewings between Christmas and New Year.

Buyers remain cautious and price sensitive, but they are also now recognising value and acting with intent. Demand continues for turnkey, well-located pied-à-terres from British clients, particularly those working in finance and commodities with budgets of £3m - £10m.

International interest is returning too. These buyers are highly discretionary, and their activity is a barometer of confidence in the long-term investment and lifestyle proposition of London. New build developments have seen a spike in interest and viewing numbers as a result, with location, amenities, design quality and resident experience all central to decision-making.

Many family buyers chose to sit on the sidelines in Q4 last year due to Budget uncertainty and fears of an expensive mansion tax which didn’t materialise. With secondary school offers due in mid-February, we  are working with a number of families keen to get ahead of the curve. We are identifying the best options for them now so they are ready to make an offer as soon as school places are received - rather than starting their search at that point alongside competing families.