London Property Market Update 2023: Top Agents Share Year-End Predictions - Silvina Paz

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In this second episode of our latest Market Update series, host Farnaz Fazaipour welcomes Silvina Paz. With 13 years of experience in central London property, Silvina shares her perspective on the roller coaster that was 2023. While the market experienced activity at the beginning and end, the middle saw a notable quiet period, attributed to interest rate uncertainties and global geopolitical tensions.
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Discussing seller and buyer mentalities, Silvina notes a mismatch in expectations. Some sellers are still holding onto pre-lockdown ambitions, while buyers, influenced by rising interest rates, are seeking discounts. This market disparity is particularly evident in areas like Knightsbridge and Belgravia, where some properties are selling below their 2013-2014 purchase prices.
The rental market, once robust, has slowed down, with tenants becoming more selective and demanding quality amenities, even in high-end properties. Silvina also observes a trend of longer-term rentals, with tenants seeking four-year leases, indicating a shift in lifestyle and expectations.
Addressing the broader market, Silvina explores the influx of American buyers and the changing dynamics of Middle Eastern buyers, now focusing on areas like Mayfair. Despite the challenges, certain areas like Mayfair, Notting Hill, and St. John's Wood maintain their appeal and stability.
Looking ahead to 2024, Silvina refrains from making concrete predictions, emphasizing the unpredictability of global events. However, she anticipates increased market activity in February-March, driven by mortgage renewals. The impact of political events, such as potential changes in the UK government and the US elections, adds an additional layer of uncertainty.
As interest rates may stabilize around 3.5-4%, Silvina believes the market will remain interesting and dynamic. While acknowledging the challenges, she sees opportunities for both buyers and sellers, urging a realistic approach to navigate the evolving landscape.
Stay tuned for our engaging conversations with the next agents as they share their perspectives, expertise, and predictions for the future of London's real estate.
Our Market Update series is designed to provide you with a comprehensive understanding of how different prime areas within London are navigating the ever-changing real estate landscape. Whether you're a buyer, seller, or investor, these episodes offer invaluable insights that can guide your decisions in the London property market.

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