City of London starts the year with strong January

City of London has started the year strong with approximately £433.4 million ($604 million) of property sales transacted in January, totaling six deals, according to Savills. It is significantly up from the £296.2 million ($412.8 million) transacted in the same month last year.

The international real estate adviser says there has been an uptick in the number of new sales instructions since the start of the year, with approximately £1.7 billion ($2.4 billion) of assets formally coming to the market since the start of January. In addition, Savills is aware of approximately £2.7 billion ($3.8 billion) of opportunities currently under offer in the City market, £500 million ($697 million) of which has gone under offer since the start of 2018.

To date in 2018, Asian and U.K. investors have dominated the market with three transactions each, accounting for 53 percent and 47 percent of total turnover by volume, respectively. The mix of vendors selling assets has been more varied with U.K. investors leading the way (36 percent), with Asian (29 percent) and European (30 percent) vendors close behind.