Time for an update now that summer's data is in. What's it looking like on the ground? - Well, the FT Advisor reports this week that Prime central London (PCL) property is showing signs of recovery following two years of decline. Quoting research by emoov they note: “Demand levels across the city – that’s the percentage of properties sold compared to those listed – are running at 13 per cent on average. That’s up by 25 per cent in the past six months, and 39 per cent year-on-year.”
“Knightsbridge has enjoyed the largest rise in demand. Knightsbridge has seen a 184 per cent increase since January, coming on the back of a disappointing end to 2016. It also saw the biggest annual increase (184 per cent). This is followed by Chiswick (113 per cent) and Fitzrovia (111 per cent). Maida Vale was the worst-performing borough, witnessing drops in demand of 32 per cent since the start of the year and 38 per cent annually.”
Chiswick is currently seeing the highest level of demand (32 per cent), followed by Islington (25 per cent) and then Camden’s Belsize Park (18 per cent).
After a barrage of post-Brexit negativity it appears that consumer confidence is returning. The UK’s fundamentals remain strong. Buyers are no longer willing to stand on the sidelines.
Positive sentiment is driving the central London property market higher, and volume appears to be gaining steam once again. As the FT notes, the UK’s fundamentals remain strong and buyers are no longer willing to stand on the sidelines.
To read the rest of FT’s summary of this fascinating data, and peruse their helpful league table of the 16 London hotspots ranked by growth, check out the article on their website. Click here to head there now...