Prime central London transactions fall below 66 per week according to LCPAca

March 27, 2019

The latest index shows that across prime central London: –

  • Transactions have fallen below 66 a week
  • Average annual prices in February (excluding new build) in PCL amount to £1,812,051.
  • Monthly prices fall by 6.2%.
  • Prices in the last quarter fall by 12.7%.
  • Annual transactions remain just above historic lows, standing at 3,405, a fall of 16.5% over the year.
  • New build average prices now stand at £2,268,219, a 61.4% premium over existing stock.
  • Quarterly new build transactions fall by 46.1% to just 73 and prices fall by 29.6%.

Director of Benham and Reeves, Marc von Grundherr, commented:

“To paint such a dismal picture of the London market is a tad misleading and while there is currently an air of lethargy we have to remember that the prime central market in particularly has never been known for an excessive number of transactions.

It is very much about quality over quantity and we’re still seeing very strong demand from overseas investors across Asia and beyond who recognise the current climate offers great opportunity. We’ve just returned from a three-week trip to the continent and found that on the ground there was an abundance of appetite for the UK market, regardless of Brexit. So I think it’s important to remember that outside of the Brexit bubble the world keeps on turning. 

To write off the London market with such ease is somewhat foolish and the capital’s recovery following the previous market crash is testament to the stamina and resilience of the London market. While the current landscape is far ideal we are a world away from previous catastrophes and as a result, any required recovery time shall be short lived before we see London regain its crown as the go-to for UK property investment.”

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Estate Agent Talk

A Guide To Moving To The UK

Are you considering moving to the UK, perhaps you are relocating for work or returning after some time as an expat elsewhere. Whatever the reason, to help you begin your journey smoothly, we have compiled all the relevant information on how to relocate to the UK. This guide to moving to the UK will cover…
Read More →
Breaking News

Breaking Property News – 30/04/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Will Yardi’s multi-million gamble on WeWork the former £37Bn Unicorn pay off? The word is that Adam Neumann the enfante terrible and former co-founder is unlikely to be the new owner of WeWork as it emerges out of the gloom of its present bankrupt…
Read More →
Love or Hate Rightmove
Breaking News

Rightmove rental tracker: 50,000 rental properties needed to bring supply back to pre-pandemic levels

Average advertised rents outside of London rise to a new record of £1,291 per calendar month (pcm), though the pace of rent growth continues to slow, with average rents now 8.5% higher than last year London rents reach a new record by two pounds, rising to £2,633 per calendar month. Average advertised rents in the…
Read More →
Letting Agent Talk

Half of Renters Don’t Know Where to Turn When Something Goes Wrong

Results come as TDS Charitable Foundation develops new service to support tenants to uphold their rights. HALF of all private renters would not know where to turn to if a landlord or letting agent failed to address a problem in a property. That’s according to interim results from a new representative survey of over 2,000…
Read More →
Estate Agent Talk

Liverpool’s Real Estate Market: What You Need to Know

Liverpool’s real estate sector presents a dynamic environment for investors, homebuyers, and tenants alike. As the city continues to expand and develop, understanding the nuances of this market is crucial for anyone looking to engage with property in the area. This article provides a comprehensive look at the current trends, investment opportunities, and potential challenges…
Read More →
Estate Agent Talk

Identifying Common Structural Issues in Balconies

Living in a city like Sydney, where a breathtaking view of the cityscape and ocean can be the crowning jewel of your property, it’s no surprise that balconies are key features sought after by homeowners. However, over time, these aesthetically pleasing elements can become a structural nightmare due to a range of issues that compromise…
Read More →