17 Apr

Central London market 'near to bottoming out'

Central London market 'near to bottoming out'

The property sector heart of London is close to reaching its bottom, it has been stated.

Chief executive of investment firm London Central Portfolio Naomi Heaton said the current situation is one that favours investors, pointing to the "cheapness of debt, the weakness of sterling and a softness in the market", all of which she suggested are "too compelling to continue to ignore".

She added that while it is "impossible" to say when the actual bottom of the market will be reached, it is likely that is "very close", as rising buyer demand "indicates" that things will pick up over the coming months.

Property investors who believe this time is near may wish to invest soon.

Figures from the Land Registry for February showed that the average property in Kensington and Chelsea was worth £710,473, down 15.4 per cent in a year, while Westminster homes averaged £545,632, down 11.5 per cent.

However, both these figures represented a smaller fall than the average for London as a whole, which stood at 15.6 per cent.
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