Prime Central London transactions slump to record low in 2017

Ryan Bembridge

March 6, 2018

Last year saw the lowest number of Prime Central London transactions ever recorded by London Central Portfolio’s residential index.

LCP has been collecting the data since 1995 and said last year’s transaction count of 4,183 sales was 9.5% lower than in 2016 and 34% lower than in 2013.

Despite transactions falling house price growth stood at 2.4% in the fourth quarter of 2017.

Naomi Heaton, chief executive of LCP, said: “Prime Central London has experienced unprecedented pressures over the last few years with the introduction of new taxes targeted at the residential sector and London in particular.

“On top of this, an unsettled political backdrop and the slow progress on Brexit negotiations has further dented sentiment, resulting in a picture of price volatility and falling transactions.

“Nevertheless, there were signs towards the end of 2017 that prices were stabilising with four consecutive months of marginal price growth, culminating in Q4 growth of 2.4%.

“This contrasts with Greater London and England & Wales which continue to see price falls.”

LCP attributed the low level of sales to potential vendors holding out for more favourable market conditions.

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