The advice from our Prime central London agents is to be realistic around pricing strategies

As we head into the festive season, traditionally a quieter time for property, there’s curiosity about how things will play out this year, particularly within prime London. With the Autumn Budget just behind us and a host of global events still influencing buyer confidence, the upcoming weeks could see a unique balance of hesitation and opportunity.

“Traditionally, the festive season is slightly quieter in terms of buyer activity,” says Matt Thompson, head of sales at Chestertons. The colder months combined with holiday distractions generally see fewer house hunters actively scouring the market. However, it seems that the narrative might be shifting in 2024. According to Matt, some savvy house hunters in prime London could be taking advantage of this seasonal quiet to get ahead of the competition. While some may choose to pause their search and re-enter the market in early 2025, others see the period as an opportunity. With fewer competing buyers, those still engaged in the market might be in a stronger position to negotiate.

“Following the Autumn Budget, some buyers may feel more confident about making major financial decisions,” says Matt. Indeed, clarity provided by the government’s financial direction post-Budget has, for some, reduced the uncertainty that may have stalled purchasing decisions earlier in the year.

In Prime central London, the mood is similar, though the high-end nature of this particular market adds an additional layer of unpredictability. “Making predictions about the property market these days is anything but straightforward,” says Mark Pollack, co-founder of Aston Chase. “A sense of volatility is prevalent across the world stage, and the Prime central London scene, operating at the very top end of the globe’s real estate market, is naturally skittish. With Keir Starmer warning of a ‘painful’ Autumn Budget, the threat of an escalation of hostilities in the Middle East, no sign of an end to the war in Ukraine, and with interest rates having so far only fallen by 0.25 per cent, sentiment is understandably not great.” Consequently, Aston Chase are expecting the market to remain highly price sensitive.

But it’s not all doom and gloom. “We expect to see pent-up demand arising from people who’ve been holding back ahead of the Autumn Budget, hoping for a further reduction in interest rates, but who decide they just want to get on with their lives,” says Mark. “It seems likely that with the exception of properties that tick every possible box in super-desirable locations, it will otherwise be a quiet end to the year. This means it is very much a buyers’ market, so good news for those people in a position to transact. My advice to vendors is to ‘price to sell’, as this is definitely not the right time to flirt with selling if you are hoping to achieve the maximum price possible for your property.” So, while vendors need to be realistic about their pricing strategies, for those who do choose to act, now could be a golden opportunity before the market revs up again in the new year. Look lively!