The luxury real estate market is booming once again in London according to several studies and reports and this augurs well for the UK real estate market in the near future. The market is now witnessing a major increase in sales figures after seeing a slight decline for around three years. Home sales have picked up in the category where prices are more than £20 million or roughly US$25.42 million and the increase has been a whopping 44% in the present year according to reports. This is majorly due to the corrections in property prices after Brexit.
As per reports, transactions in London came down by approximately 7% over the last 6 months for the residential real estate segment and this drop was 10% throughout the UK overall. However, the average property values increased in this period according to several reports. There is more investor and buyer action witnessed in the higher tier of the real estate market in London.
Higher investment yields are drawing global real estate investors to the property market in London along with a weaker pound. Several investors view the UK and particularly London as a good place to invest, keeping the current global scenario in mind. However, real estate sales volumes are difficult to predict over the next few months till the end of 2018 on account of the fluctuations in economic and political aspects.
Boom observed again in luxury realty market in London
