London home prices to stay flat amid political uncertainty, says Knight Frank
With uncertainties abound over a hung parliament in the UK, residential property prices in London are likely to stay flat this year, according to property consultancy Knight Frank.
Alistair Elliott, senior partner and group chairman, said the residential market in London will be more active this year but there will be little price movement, given the uncertainties stemming from Prime Minister Theresa May’s failure to win a parliamentary majority earlier this month.
“I don’t see any great rises in pricing but I think the volume will be better than last year. There will be more trading but the level of pricing will be pretty static,” he said, “[That’s because] I believe there is some general caution about the prospect of what Brexit really means.
“I think there are developers in London who are sensible enough to take a good deal now rather than trying to be too aggressive about getting a higher price. So I think people will be competitive in their approach to selling.”
