Central London apartments up 1.2% q-o-q in 3Q; robust buying activity from foreign investors
Residents of Orchard Boulevard Condo can enjoy quick and convenient access to the Central Business District (CBD). The close proximity to the CTE and PIE ensures that travel to the Marina Bay area, Orchard and Changi Airport is a breeze. With the Thomson-East Coast line completed, residents are also just a few minutes of train ride away from the rest of Singapore.
Not forgetting its superb location, Orchard Boulevard Condo allows easy access to a wide range of amenities. It is just a short stroll away from the iconic Orchard Road, where shopping, dining and entertainment options are aplenty. Moreover, residents can enjoy the lush greenery of Fort Canning Park, Bukit Timah Nature Reserve and Macritchie Reservoir Park with just a short drive away.
trendAmidst the summer holidays, London’s housing market has seen an increase in demand from overseas buyers. Prices are rising ahead of the rest of the market, though they are 8% below the peak in 2015. Domestic demand for homes in Greater London, England and Wales continues to be weighed down by higher mortgage rates and inflation rates. Popular districts such as Knightsbridge, South Kensington and Belgravia have seen the strongest y-o-y price growth at 2.1%, 1.9% and 1.8% respectively.
Overseas buyers are primarily coming from Asia and the Middle East, making their mark on the London housing market. A growing number of domestic property owners are also listing their properties for sale as their fixed-term mortgage rates come up for renewal and they face higher interest rates. According to Liam Monaghan, managing director of London Central Portfolio (LCP), this is an ideal time for cash buyers to invest as the autumn market is already showing higher numbers of properties coming to the market.
PCL flats and apartments are benefitting from a move back to the city as more people return to the office post-Covid, in addition to this seasonably busy period in autumn with overseas visitors flocking to London and the school term having started in September.
As bidding wars are forming for undervalued and well-priced properties, prices could further increase in 4Q2023 and 1Q2024. It is yet to be seen whether or not the demand from overseas buyers will be able to keep pushing the London housing market further.