The prices of residential properties in Prime Central London, one of the top property markets in the world, remained stable in June, according to the latest Prime Central London Sales Index by international property adviser Knight Frank.
“Prices were flat in prime central London for the second consecutive month in June, a trend that provides further evidence that the price falls seen in 2016 are unlikely to be repeated this year,” the report said. This comes as a relief to investors, who feared decline in capital values of their properties in the heart of London.
The latest findings are encouraging, as in terms of market activity, Knight Frank data confirms an improvement compared to last year, aided by the pricing adjustment that has taken place over the last two-and-a-half years as buyers and sellers adapt to higher rates of stamp duty. The number of exchanges in Prime Central London recorded between January and May was 14.2 per cent and 8.7 per cent higher respectively than the same period in 2016 and 2015.
The number of new prospective buyers registering with Knight Frank was 15 per cent higher in the first five months of the year compared to 2016 and the figure was 6 per cent up on 2015. Meanwhile, viewing levels were up by a fifth compared to last year and the amount of stock under offer was up by 36 per cent, suggesting the future flow of exchanges will remain strong.
Knight Frank's Prime Central London Sales Index has tracked the performance of London's luxury property market since 1976. Compiled monthly, the index is based on the valuation of a comprehensive basket of properties throughout our central London office network and is based on actual sales evidence.