Prices of luxury London homes 'down 9% by end of year' over Brexit uncertainty

Property prices in prime central London are expected to end the year 9% lower than when 2016 started as buyers wait to see how Brexit negotiations proceed, according to a report.

But in the coming five years, prime London property prices, where values already average £4 million, are expected to jump by just over a fifth, as London remains an attractive place to invest.

Uncertainty following the vote to leave the EU combined with a recent stamp duty overhaul which pushed up the costs for people buying top-end properties suggest that further price adjustments are needed to make the market more "fluid" in London, Savills UK head of residential research Lucian Cook said.

But by 2019, prices in prime central London, which includes Westminster, Knightsbridge, Kensington and Chelsea, are expected to be back on an upward march.

Prices are forecast by Savills to stabilise during 2017 and 2018 after falling in 2016 - and total price growth of 21% is predicted between 2017 and 2021 in prime central London.

The capital has seen strong investment from overseas investors in recent years. Some experts have suggested the weakened pound following the vote to leave the EU could make London even more attractive to foreign investors as the price of property appears relatively cheap.

Mr Cook said the flatter price expectations over the next couple of years should leave room for renewed growth by 2019.

He said: "We know the prime London markets have generally rebounded strongly after a period of adjustment.

"While the tax backdrop will continue to be factored into buying decisions, no other European city has the infrastructure to match London as world city and global financial centre and this should underpin a return to trend levels of growth."

The most viewed properties
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The most viewed properties

In Zoopla's list of the most viewed properties in recent weeks, this whopper comes in at number 9.

The £2 million property in Doncaster has planning permission to be turned into a hotel or wedding venue, and has been seen a whopping 14,000 times in a month.

This two-bedroom flat in Canary Wharf is on the market for £675,000. The attractions of imagining your life in a warehouse conversion with plenty of space and light means that 16,000 people have looked at it in a month.

This new five-bed property in South Oxfordshire is an excellent example of how much prices have risen in that part of the country - with an asking price of £1.195 million.

Clearly the attractions of being near Reading (without actually being in Reading) are driving enormous demand - with 37,000 views in a month

This five-bedroom detached house in Skelmersdale is on the market for offers over £210,000. The fact that such a normal-looking family house has been seen by 45,000 people in a month owes something to the fact that the owners built it themselves - to a particularly high spec - and as a result it is pricey for the area.

This four-bed detached house doesn't look particularly striking from the front, so it must be hard to see why it's worth £299,950 - an impressive sum for the area. This goes some way to explaining its 69,000 views in a month.

All is revealed round the back, however, as the property opens up in acres of glass to reveal spacious open-plan living.

This newly built seven-bedroom detached house has enough attractions to justify the £3.25 million price tag (not least the underground car showroom with space for 30 cars). The 73,000 views may also have something to do with the elegant writing style of the estate agent.

Phrases used in the listing include: "This must be the jewel in the crown for Royal Sutton Coldfield gentry." And: "The rear garden is enchanting."

On the outside it's a bog standard terrace in Bootle, Merseyside. But on the inside its a dramatically refurbished property with statement lighting aplenty.

It's no wonder this £85,000 property had 80,000 views in a month - and is the third most-viewed home.

A two-bedroom flat in the former home of Arsenal Football cub is on the market for £660,000. Clearly die hard fans have been captivated by the idea of living in this iconic building - complete with a grass courtyard with plenty of room for a kick-about. It has been viewed an impressive 95,000 times, making it the second most viewed property.

But the most viewed home in the country is the six-bedroom Lindisfarne Farm in County Durham - on the market for just £175,000.

An incredible 475,000 people have seen it in the past month, drawn by the enormous rooms, the incredible views, and the idea of being able to live a simple life, away from it all, for just £175,000.


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