‘Challenging’ is not often a word banded about with the London property market. However, the rarely uttered phrase has now come into fruition. ‘Challenging property market’ declared a leading property developer. Indeed, Capital & Co. developments, which are leading a regeneration of an Earl’s Court exhibition centre, have seen a slowdown in sales for the luxury flats. Such unthinkable thoughts, one can barely dare say them aloud. However the unthinkable has come into occurrence & you’ve heard it here, straight from the horse’s mouth!
The developers went on to describe the weakening demand for high-end housing in our lavish capital. It named an increasing supply of luxury flats as well as the new stamp duty-charges on second homes as factors. The challenging property market that London is experiencing is of course an enigma of itself. A greed for high-end retailing property has led to multiple high-profile developments. Self consuming demand has reached supply. The extra stamp duty has also become a deterrence. Whilst a rush & flurry of market activity preceded the new charges, a slow-down of sale has followed the implementation.
As always, the challenging property market being experience by our nations capital is a stark difference from the challenges facing much of the rest of the UK. Whilst London falls victim to it’s our success, much of the country is slow to follow. The UK’s property market has become increasingly unpredictable. Rising & falling house prices are progressively erratic. As up & coming areas come & go, security is all the more elusive.
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Challenging Property Market in the Press:
The Independent online discuss the challenging property market faced by London estate agency’s