The prime Central London property market, which remained stagnant for a few months in 2017-18, saw an increase in buyer interest with the number of new buyer registrations and viewings rising in April.
According to Knight Frank’s Prime London Sales Index, the number of new buyers registering increased by 13 per cent. The viewing levels rose 35 per cent and the average number of days on the market increased by a quarter.
Incidentally, the ratio of new prospective buyers to new sales listings, an indicator of the strength of demand versus supply, strengthened in the last two months. This follows a dip earlier this year that is likely to have put downwards pressure on pricing. “However, buyers are scrutinizing the market more closely amid wider political uncertainty,” the report said.
The number of higher-value properties listed for sale in prime outer London is rising. This is an indication of increased confidence that higher rates of stamp duty have been more fully absorbed in higher price brackets.
In a further indication of confidence returning to the prime London market, the number of £1m-plus and £2m-plus sales across the whole of the capital are strengthening after a period of more marked declines during 2017.
Knight Frank's Prime Central London Sales Index has tracked the performance of London's luxury property market since 1976. The Prime Outer London index began in 1997. Compiled monthly, the indices are based on