Belgravia luxury homes price drop

January 7, 2016

The median selling price of luxury homes in the London postcode of SW1 which includes Belgravia have fallen by more than 20% in the year up to November 2015 as rising taxes start to bite.

According to analysis by Bloomberg of Land Registry data, the London postcode SW1 has seen the the biggest slump in sale prices in London during this period. The median sale price in the postcode fell to about £928,000 in November and the number of homes sold fell almost 75% to 15.

Luxury-home values in London are expected to remain flat or even drop this year as Russian and Chinese buyers disappear and low oil prices affected demand from the Middle East.

 
According to Knight Frank LLP, Russians bought 4.2% of the homes that were sold in central London’s best districts during the third quarter, down from 10% a year earlier, Chinese buyers acquired 11% of homes sold from January to November last year, compared with 10.5% in the same period in 2014.

 
This is not the first time we have seen such news, back in October 2015 the London-focused estate agent Foxtons said high prices and stamp duty changes resulted in house purchases in the centre of the capital falling to record lows.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

BREAKING PROPERTY NEWS – 18/05/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   MyIdentity selects Armalytix to create a proof-of-wealth solution for the property market Armalytix, the open banking technology platform which streamlines the collection of data for the professional and financial services industries, has been selected to be an attribute provider for the government-backed MyIdentity scheme,…
Read More →
Software & Tech

The Future Of Healthcare Technology

As researchers, innovators and legislators work to improve access, effectiveness, cost, and accessibility of healthcare, the future of healthcare technology is in flux. Healthcare innovation is a key battle in the fight for human longevity. Here we will discuss the leading medical technologies in HIE software that are leading the way towards a brighter future.…
Read More →
5 Great Property Management Software in the UK
Letting Agent Talk

Five of the Best Property Management Software for Landlords

Being a successful landlord requires a good relationship with your tenant, ultimately you want your property to be treated well, get paid on time and build long term relationships. Management of property has come a long way in recent years especially since the internet and certainly thanks to management software and apps. Today there are…
Read More →
how to present your property for sale
Letting Agent Talk

LETTING AGENTS AND LANDLORDS FACING SURGE IN DISREPAIR CLAIMS

Recent research reveals there has been an exponential rise in disrepair claims over the past five years, with more than £55.1m paid out across 70 English councils that own their own stock. (Source: Inside Housing, February 2022). Legal costs nearly doubled between 2017-18 and 2020-2021, while the number of cases increased by 132%. Of the…
Read More →
Breaking News

BREAKING PROPERTY NEWS – 17/05/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   PRESS RELEASE: BriefYourMarket partnerships take lead generation to next level Generating and nurturing leads is the backbone of estate agency. According to Richard Combellack, Chief Commercial Officer at BriefYourMarket, this is exactly what BriefYourMarket is about, finding and nurturing new leads via a variety…
Read More →
Home and Living

5 Gas Safety Tips to Keep You Safe at Home

Houses with safety hazards are not desirable, since they endanger the lives of their occupants. The value of your home diminishes if you’re your house and property are damaged, including gas appliances. Therefore, all owners, landlords, and tenants have a responsibility to have the appliances they own tested for functionality. Check all of your household…
Read More →