London, one of the top real estate hubs of the world, has rebounded from the depths of the pandemic in April, but some areas have risen more quickly than others over the last three months.
According to the latest Prime London Sales Report from global real estate consultant Knight Frank, prices in parts of outer London have begun to recover from their lockdown low-point in April. Areas including Wandsworth, Richmond, Dulwich and Islington recorded monthly increases in July as they benefitted from a surge in demand from families seeking more outdoor space.
Property prices outside of London have been more resilient since the market re-opened in mid-May as buyers looked for more outdoor space. Values rose in the £5 million-plus country house market due to the lack of supply and the ability of buyers in higher price brackets to transact quickly. Parts of London with more green space are now benefitting from the same effect.
While prime central London has also recovered from the depths of the lockdown, the rebound is not as marked. Average prices in prime central London fell 0.1 per cent in July, taking the quarterly fall to 1.7 per cent. Areas such as Mayfair, Knightsbridge, Kensington, Chelsea and Notting Hill were flat or marginally down in July.
Wandsworth in southwest London is one of the best residential neighbourhoods in the UK capital where house prices are increasing. Bronze, an exclusive development by Strawberry Star, is nearing completion and comprises 79 residential untits. This landmark development is enviably located on Buckhold Road adjacent to the popular King George’s Park. Prices start from £445,000 but there are some special incentives for NHS workers. For more information, call 0203 072 0040.
“The problem is not enough supply of family houses in some parts of London,” said Tom Bill, head of UK residential research at Knight Frank. “Demand for outdoor space has surged and while we can’t know how long it will last, it means sealed bids for family houses are back.”