The Prime Central London market, one of the top residential hubs in the world, is showing signs of stability, according to latest statistics.
The volume of sales in London’s highest-value boroughs of Prime Central London is rising as asking prices adjust to tax changes. The combined number of sales in Kensington & Chelsea and Westminster above £2 million rose 9 per cent in the year to April 2018 compared to the previous 12 months. Meanwhile, the equivalent rise above £1 million was 4 per cent, according to the April Prime London Sales Index from Knight Frank.
In addition, the ratio of new prospective buyers to new listings in Prime Central London rose to 5.9 in July, the highest figure in more than 18 months. A higher ratio can signify future upwards pressure on pricing as demand increases in proportion to supply.
In Prime Outer London (Barnes, Battersea, Belsize Park, Canary Wharf, Chiswick, Clapham, Dulwich, Fulham, Hampstead, Queen’s Park, Richmond, Wandsworth, Wapping and Wimbledon), the ratio of new prospective buyers to new listings rose to 9.2 in July. This is the highest in more than two-and-a-half years. A higher ratio can signify future upwards pressure on pricing as demand rises in relation to supply.
The outlook remains promising and it is to be seen if the Prime Central London market returns to the 2016 level.
Knight Frank's Prime Central London Sales Index has tracked the performance of London's luxury property market since 1976.