The prices of prime properties in London have largely remained unchanged despite the recent political developments, according to the latest Prime Country House Index, released by Knight Frank. This finding comes as a relief to property owners, especially those, who were worried about growth in values of their assets in London.
For the third quarter ending September 2016, the price fell by a negligible 0.1 per cent though it was expected to be much higher. In fact, the growth of the prices on an annual basis is 0.5 per cent, which is a bit unexpected considering the recent developments in the UK. The moderation in the price growth is attributed to the recent changes in stamp duty.
“While the headline figures suggest that the market has been relatively subdued, activity has remained resilient in the wake of the UK’s vote to leave the EU, with some leading indicators of activity remaining strong,” the House Index said.
The House Index also revealed that there is a 43 per cent increase in the number of sales to Londoners in the Home Counties in the first 9 months of 2016 when compared to the corresponding period last year.
All these findings provide a positive perspective for the London property market. It has proven that the London property market is capable of withstanding changes of higher magnitude.
UK Prime Country House Index - Q3 2016 The Knight Frank Country House Index is a valuation-based index, compiled quarterly from valuations prepared by professional staff