The number of prospective house buyers registered in Prime Central London continues to climb, according to the latest Prime London Sales Index from global real estate consultancy Knight Frank.
Prospective buyers for properties in 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 steadily rising between January and February this year.
This growing pent-up demand suggests activity levels will increase as political clarity returns despite Brexit-related uncertainty impacting the market. “The ratio of new prospective buyers versus new supply rose to an all-time high in January at 9.1,” Knight Frank said.
A number of sales in recent months above £30 million in London boosted the overall value of £10 million-plus transactions in December 2018 and January 2019. Sales in this price bracket accounted for 75 per cent of exchanges above £10 million by value in January.
Reasons for this stronger performance include the favourable exchange rate, price reductions and buyers, who are able to see beyond short-term political uncertainty and see the long-term appeal of living in London.
House price growth in Prime London had been negatively impacted by Brexit in the last two years, but the latest trends show that the market is gradually recovering.
Knight Frank's Prime Central London Sales Index has tracked the performance of London's luxury property market since 1976