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Prime Central London market had successful summer

Michael Lloyd

October 17, 2019

sunak

The prime central London (PCL) housing market saw a successful summer, property analysts LonRes has found.

Transaction volumes increased in Q3, following a 3% annual rise in Q2, with a 14% increase in the numbers of properties sold.

Marcus Dixon, head of research at LonRes, said: “Despite political uncertainty and an absence of any discernible resolution to the Brexit saga, the prime central London (PCL) market was busier this summer than last.

“The number of buyers choosing to purchase in PCL rose 14% in Q3 2019 compared with Q3 2018.

“However, the top end (£5m+) remained subdued with 29% fewer sales in Q3 2019 compared to the same period a year ago.

“Talk of a potential change to top end stamp duty could lie behind the fall as buyers likely to make the greatest savings on a stamp duty change, sit it out and play a game of wait and see.

“As well as an increase in transactions, more properties reached the market for sale this quarter, up 9% on the same period a year ago.”

Annual price falls in PCL declined in Q3, decreasing 5.8% year-on-year.


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