The latest analysis from Knight Frank has shown that the Prime Central London housing market is moving towards recovery mode.
Growth in higher price brackets continued to outperform lower price brackets, indicating how higher rates of stamp duty that initially affected demand at the top end of the market are becoming assimilated.
Key findings from the year to September
- Between £5 million and £10 million prices declined 2.3% in the year to September, which compared to a 5.3% decline between £1 million and £2 million.
- A key demand indicators show there was a 4.9% rise in the number of new prospective buyers
- Viewing levels were up by 8.9% over the same period.
- Transaction volumes rose 9.8% between January and August
- There was more restraint on the supply side, with stock levels coming to the market declining. There was an 18.2% drop in the number of new listings above £1 million across the whole market in prime central London