Central London apartments up 1.2% q-o-q in 3Q; robust buying activity from foreign investors

Located in a serene neighbourhood, Senja Residences offers the best of both worlds with its close proximity to nature and urban living. It is also well-connected to Bukit Panjang MRT Interchange, Shoppes at Senja Cashew, Senja Hawker Centre and Senja Grand Shopping Mall. Residents can enjoy a wide range of facilities, from a 50m lap pool, jacuzzi, spa pool, outdoor fitness station, tennis court, basketball court and Balinese pavilions.

Residents in Senja Residences can look forward to a variety of lifestyle and entertainment options at its doorstep. This tranquil development is perfect for those looking to find a peaceful home after a long day’s work.

market

A surge in demand from overseas buyers is already beginning to make its mark on the London housing market, according to the latest residential market report by property buying agent London Central Portfolio (LCP). Despite the seasonally quieter summer period, the apartment market in Prime Central London (PCL) outperformed houses in PCL, Greater London and England and Wales in the past three months, according to LCP managing director Liam Monaghan.

Monaghan notes that increased buying activity is being attributed to the return of overseas buyers, mainly from Asia and the Middle East. Meanwhile, domestic demand for homes in Greater London, England and Wales is being weighed down by higher mortgage rates and inflation rates. As many fixed-term mortgage rates come up for renewal, owners face higher costs, creating a greater number of domestic sales listed.

For those with cash to invest, Monaghan notes this could be an ideal time to buy. He adds that, although prices are still 8% below 2015’s peak, bidding wars are leading to increasing prices and they could continue climbing in 4Q2023 and 1Q2024. Popular neighbourhoods such as Knightsbridge, South Kensington and Belgravia saw the greatest y-o-y price growth of 2.1%, 1.9% and 1.8% respectively, while Kensington and and Bayswater fell slightly at 0.3% and 0.6% y-o-y.

Monaghan believes the post-Covid shift back to cities is responsible for PCL flats and apartments being in demand. As people are flocking back to London, while overseas visitors pour in, the market has entered a “seasonably busy period in Autum”.

The data clearly shows that there is an uptick in activity and investments right now, making this a good opportunity for buyers. With domestic demand going down due to higher costs, it’s overseas buyers who are taking advantage of the great investment potential London has to offer.