OBBARD MARKET SYNOPSIS: 2024 AND BEYOND. HOW TO MAKE SENSE OF THE MARKET How to make sense of the market in prime London? Prices here are around the same as they were 10 years ago, while the national picture is up circa 40% over the same period. But as we begin the new year, might we be at the point where prime properties in the capital’s central postcodes will finally return to growth? 2024 marks 30 years since Obbard was founded – and if nothing else, the start of our fourth decade is a moment to look both forward and back. As we noted in my market commentary last autumn, I have always believed in learning the lessons of recent history. Below is a short summary of the challenges and opportunities faced by both the broad UK house market (average price £286,489) and the Prime Central London market (average price in Kensington & Chelsea £1,781,218) over the past decade – together with ou r best predictions for the next 12 months and beyond. PRIME MARKET Headwinds Stamp Duty more than doubling. Mortgage interest relief on rental investments removed. Inflation hitting 11.1%. Interest rates rising from 0.5% to 5.25%. 3 general […]