The residential sales volume improved steadily in Prime Central London, one of the wealthiest property markets in the world, in June 2017, indicating stability in the housing market.
According to Prime Central London Index for June 2017 released by international real estate adviser Knight Frank, “transaction volumes have risen compared to last year.” Quoting LonRes data, Knight Frank said that there was a 3 per cent increase in central London sales in the first half of 2017 compared to 2016.
Interestingly, leading demand indicators continued to strengthen in the half of the year. An analysis of Knight Frank data shows that the number of new prospective buyers between January and June increased by 12 per cent when compared to 2016. The number of viewings was a fifth higher over the same period and the number of properties under offer at the end of June was a third higher than 2016.
The buying and selling activities in the Prime Central London residential market indicates the health of the UK property sector. Stable growth in this market is expected this year, as demand continues to outstrip supply.
Despite a more uncertain political backdrop, transaction volumes have risen compared to last year