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

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market as Brexit approachesOverseas buyers are making their presence felt in the London housing market, according to the latest data from London Central Portfolio (LCP). According to managing director Liam Monaghan, activity in Prime Central London (PCL) in the third quarter of the year was buoyed by increased buying interest from Asia and the Middle East.Despite the return of overseas buyers, domestic demand for properties in the UK is being tempered by higher mortgage and inflation rates. With a growing amount of property owners looking to sell up as their fixed-term mortgage rates come up for renewal, there is more opportunity for cash buyers to take advantage of values below the 2015 peak.In the PCL market, two central London neighbourhoods have seen prices dip in the last quarter, with Kensington and Bayswater falling 0.3% y-o-y and 0.6% y-o-y respectively. Nonetheless, popular neighbourhoods such as Knightsbridge, South Kensington and Belgravia recorded strong price growth of 2.1%, 1.9% and 1.8% respectively.As more people return to the office amid a seasonably busy period post-Covid,Monaghan believes prices could rise further in the fourth quarter of this year and the first quarter of 2024. With demand for undervalued and well-priced properties leading to bidding wars, it is an ideal time for cash buyers to invest in the London housing market.