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