Buyers Return to Prime Central London Real Estate Market
Property hunters returned in large numbers to the prime central London market in June, but their presence didn’t result in any price growth, according to a report Tuesday from Knight Frank.
The number of new prospective buyers in the city was 31% higher last month than at the same time last year, the London-based brokerage and property consultants said.
“Despite a period of political uncertainty, the upwards trend highlights the strength of underlying demand as asking prices rebase,” Tom Bill, Knight Frank’s head of London residential research, wrote in the report.
Although the number of potential purchasers increased, average prices for homes in prime central London declined 1.9% in the year to June. The fall marks the 36th straight month of the residential real estate downturn impacting the city, which has been struck by a trio of tax bumps on high-priced properties, penalties for second-home buyers and Brexit-related uncertainty.