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May 6, 2022
Jeremy McGivern
Posted in: What’s happening in the market?

How wrong is this property market statistic?

According to Savills:

Prime central London continues to present a good buying opportunity as prices are 18.2% less than the 2014 peak”.

And in May 2014 Sterling was $1.69 and today it is $1.24, i.e. sterling is 27% lower, so London is looking considerably cheaper for most international buyers.

However, and I apologise as I know I bang on about this, please beware “average stats”. As my rather pompously named McGivern’s Law states: “If you see a property stat with a decimal point in it, you can guarantee it’s wrong”.

For example, I inspected a house with direct access to communal gardens in Notting Hill a few weeks ago. They had 32 viewings in 24 hours, one asking price offer at £8.25m and two offers above that within 48 hours, which then went to sealed bids with only people willing to offer over £9m invited. In 2014 that house wouldn’t have sold for £7m. Yet the averages would tell you that it should have sold for 18.2% less than 2014!

About the author, Jeremy McGivern

My name is Jeremy McGivern. I am the founder of Mercury Homesearch, the internationally renowned property search consultancy, and author of The Insider’s Guide To Acquiring Luxury Property in Prime Central London. I have been acquiring property in prime central London for clients for over 13 years.

Having physically viewed over 22,000 properties in prime central London, studied the details of over 153,400 apartments, houses and investment opportunities and spoken to 232+ estate agents every week for over a decade.

My advice is in high demand and has featured everywhere from Bloomberg Television, The Financial Times and The Daily Telegraph to Forbes India and Bahrain Confidential.

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