According to one high profile estate agent, London luxury residential property price growth will remain subdued at least until the year 2019. Brexit has created a fragile optimism looking forward, and nowhere is that truer than in the capital city of London. Property prices in the city have been skyrocketing for years, but that is predicted to change until the conclusion of Brexit in the opinion of many close to the housing market.

Surprisingly, prices are expected to fall 4% this year within the city and remain flat for at least two years. In comparison, prices during the span of 1979-2014 grew a robust 52%. By the fourth quarter of 2019, prices are estimated to rise 2%. Then, by the end of year 2020, prices are expected to surge ahead another 8%.

Three years ago London saw a rise of more than 15% during the year. Fast forward to this year and the prices have eroded in the city more than 3% during the first nine months.

Final negotiations with Brexit will be apparent in the coming months as it affects the pricing of residential property within the city limits.

The longer term growth looks encouraging for those looking beyond three years. Over the course of the next five years, Savills estimates London property prices to increase more than 20%.

During this time, London is expected to be a strong hub for tech growth and remain a global stronghold city for financial growth and opportunity. The next few years is also expected to be a growing period for house prices in the commuter belt which resides 30-60 minutes outside the capital. As rising house prices leads to more inner city residents exiting due to cost, the belt will see higher demand and subsequently higher property prices.