Central London Prime Property Price Growth is SLOWING – now at 2.5%
The price growth for prime properties in central London has been slowing this year and is now at an average of 2.5%. Any significant rise in the last half of the year looks unlikely. The areas this data concerns include Mayfair, Knightsbridge, Belgravia, Chelsea, and Marylebone. Sales activity on properties above £10million was down by 10% in the first six months of 2014, although properties between £5million and £10million did see some growth.
Among the prime properties of London, those showing the most growth are the “lower core value prime markets” in the north and east, such as Canary Wharf and Islington. The prime east properties rose 10.1% in the last year alone.
The data for this report was collected by Savill’s estate agency and the report concerns only the top end of the London housing market. As noted in the Property Wire article:
Across the prime London index, approximately one in four properties recorded small price falls over the last three months. ‘This suggests the spectre of interest rate rises, and in some parts of the market more constrained mortgage lending, is beginning to impact on buyer sentiment and constrain prices even in markets rich in equity,’ the report explains.