The demand for residential properties in Prime Central London, one of top real estate markets in the world, is picking pace with the number of new prospective buyers increasing in October 2018.
With the prices of properties in Prime Central London remaining stable, the number of prospective buyers registering for viewing increased by 7 per cent annually, according to global real estate consultant Knight Frank’s Prime London Sales Index.
Meanwhile, the ratio of new prospective buyers per new listing reached 5.4 in October, the second highest figure in more than three-and-a-half years. “This also underlines how pent-up demand is building,” Knight Frank said even as price growth remains under pressure.
In fact, the annual price decline for higher-value properties in Prime Central London is more modest. Less liquid, higher-value markets have adjusted more readily to higher-transaction costs, which has underpinned demand for properties, observed Knight Frank.
Prime Central London areas, such as, Aldgate & the City, Belgravia, Chelsea, Hyde Park, Islington, Kensington, Knightsbridge, Marylebone, Mayfair, Notting Hill, Riverside, South Kensington, St John’s Wood, Tower Bridge and Victoria, are reporting increased property viewings by buyers.
The demand for Prime Central London properties is higher among the international buyers, as they are keen on taking advantage of the weakened sterling. Property market sentiments remain positive in view of a possible Brexit deal next year.
The Knight Frank Prime Central London Index, established in 1976, is the longest running and most comprehensive index covering the prime central London residential marketplace.