Prime central London sales rises

Prime central London sales rises
03/08/2017 , by , in INTERNATIONAL

Sales in the prime central London residential market increased by 3% in the first half of 2017 compared to the same period in 2016.

According to the figures from the LonRes residential review, across prime London and the prime fringe areas where last year buyers rushed to beat stamp duty changes, sales were down 12% and 16% respectively.

Prices were also affected by the stamp duty changes last year, falling by 4.4% in the prime central London sector in the first six months of 2017, by 0.8% in prime London and by 2.5% in the fringe.

Meanwhile, the number of properties for sale across all prime London areas were up compared with the same time a year ago.

In the lettings sector the number of properties in prime central London in the second quarter of 2016 were up 9% while in prime London they increased by 3.4% and prime fringe by 0.1%. The data also shows that stock levels in the prime central London rental sector were down by 11% but up 6% in prime London and up 14% in prime fringe.

The LonRes lettings index for prime central London recorded a 1.4% quarterly rise in rental values in the second three months of the year and tenants negotiated average discounts of 9.3%.

The review report also reveals that with holding costs and mortgage rates at historic lows few in prime London are forced sellers, but many are choosing to withdraw their property from the market rather than reduce its price.

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