With the departure from the EU looming next year there is currently a lot of uncertainty in the market; offering many potential buyers the chance of securing some great opportunities. This year we have seen prices fall by as much as 3% on certain roads, however many of these properties had been previously overvalued by overly optimistic agents.
There is no doubt that 2018 has been a difficult year, however, if clients take our advice and price realistically, there are still many buyers keen to secure their dream home.
While politics place a huge part in the property market, especially in London, people still need to move, whether upsizing or downsizing, life cannot be put on hold until the politicians agree terms.
We expect 2019 in SW London to a similar path, however long term it has been proven time and time again that SW London is a superb location in which to invest.
It is important to understand that economic and political uncertainty both nationally and globally does actually affect the property market on a local level and this does not look likely to change soon. Brexit negotiations remain inconclusive, with the potential for this uncertainty to continue for much longer than we hoped for.
In south London, we expect to see stagnant prices with the possibility of some further price decreases continuing into 2019. The rental market is likely to remain steady, but a lack of supply and legislative changes due in April could see rental prices increase.
Beyond 2019 it is extremely difficult to forecast the market but we would expect some positivity once more stability has returned. The fundamentals of the UK economy remain broadly positive, with sentiment remaining cautious.