Sales rise as mortgage market improves
Katherine O’Shea, Coutts Real Estate Director, said sales were up too.
“Sales volumes for the third quarter of this year have risen 7.2% compared to the previous three months – April to June. And interestingly, sales volumes are also up 14% on the 10-year average,” she said.
“This demonstrates the resilience of the prime London property market. It’s mainly activity in the £2 million to £5 million price bracket that’s driving this growth.”
Katherine added that the mortgage market was “slowly improving” for house buyers which was likely to help boost sales further.
She said: “The direction of travel is clear – interest rates are coming down. The big questions are – how quickly will they drop and by how much?”
The Bank of England cut interest rates by 0.25% in August, to 5%. This was the first UK cut since 2020. The market currently expects rates to come closer to 3.5% this time next year, but as always, that could change.
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