Following last April’s new Additional Rate Stamp Duty and the stun of Brexit, confirmation of a recovery in Prime Central London (PCL) in Q4 is good news.
Recent information from Land Registry, average prices reached a new high of £1,818,262 in Central London.
- Overall, prices increased 3.75% over the previous year
- Sales, however, remain substantially down. Only 3,330 took place over the year. This represented a fall of 29% over the previous year.
With more international buyers coming to the market due to fall in sterling, this is one of the main reasons which have drawn investors back to PCL as a safe haven asset class.