It is widely assumed to apply to the position of property for sale but equally important is the location of the estate agent’s office, particularly where the market attracting buyers exiting London is concerned.
In that regard, having a sales office presence in Mayfair, where Carter Jonas has long been active, is definitely the order of the day although the wider Carter Jonas network in London also attracts sellers who are potential buyers of country homes.
Whilst early year activity from both purchasers and vendors was muted at the top end of the market, a post-election calm has resulted in a return to more natural levels of new instructions, viewings, and most importantly, transactional levels.
Due to the absence of the mansion tax threat, this pre-election trend was certainly not felt in the mid to lower end of the market, where strong demand was witnessed both before and after the General Election.
Moving into the latter part of 2015, we expect an increase in the number of families exiting the London market to boost demand. Differentials between the capital and the country markets look to have reached the peak point of this cycle, which should result in a release of pent-up demand from outward-moving London households. Values of £1m+ country houses are expected to hold firm for the coming months, beginning to rise circa 5% during 2016.
Although Land Registry figures at the end of Q1 2015 showed average annual house prices in England and Wales close to eclipsing their 2007 peak, this data is heavily skewed by