The London property market will end 2018 on a positive note despite political uncertainty, as investors pour into the West End, a bullish report predicted on Monday.
Transactions in the West End reached £5.6 billion between January and October, and are on track to hit £7.4 billion by the end of the year. That is ahead of the £7 billion turnover seen in 2017, according to property agent Savills.
The firm also said year to date City deals are up 7.6% to £9.5 billion. But, it cautioned future growth may be restrained as less stock is on the market than a year earlier.
However the agent insisted demand for buildings remains high. Deals this year have been to a number of Asian and European buyers.
Purchasers include South Korea's KB Securities which paid £267 million for WeWork's home at 125 Shaftesbury Avenue.
Savills said buyers remain attracted to the capital's transparency, long leases and the pound making Britain look good value compared to continental Europe.
Executive director Stephen Down said: "London's position as a global safe haven is unlikely to change because of Brexit. While we may not this year set any new records, annual volumes look set to either surpass or draw very close to those of 2017."
