London Property Market Witnesses Steady Growth in Q1 2023
London’s property market has seen a steady growth in the first quarter of 2023, according to recent data released by the city’s real estate agents. Despite the ongoing pandemic and uncertainties surrounding Brexit, London’s property market has remained resilient.
The average property prices in London increased by 2.5% in the first quarter of 2023, reaching an average price of £650,000. This steady growth has been attributed to a combination of low-interest rates, a strong demand for housing, and the easing of COVID-19 restrictions.
While the overall property market has shown a positive trend, there have been significant variations in different areas of London. The City of Westminster, for instance, has seen an average price increase of 5.2%, with some prime properties even seeing a double-digit price hike.
We at GD Property Solicitorsa have 2 offices in London, have seen a significant increase in the number of property transactions and enquiries since the start of 2023. Our Client Services Manager Lewis Rabbani stated, “We are pleased to see the property market picking up momentum in the first quarter of this year. We have been busy helping our clients navigate the market and complete their property transactions efficiently.”
Experts predict that the London property market is likely to remain robust in the coming months, with a potential surge in demand as the pandemic restrictions ease further. As the UK emerges from the pandemic and adapts to post-Brexit realities, the capital city’s property market is expected to maintain its position as one of the most attractive markets for investors and homebuyers alike.