Prime London in turmoil
eMoov.co.uk’s latest figures have revealed that just 11.2% of homes listed over £2m are being sold.
The top 5 worst affected areas are St James’s (0%), Marylebone (6.4%), Primrose Hill (6.5%), Maida Vale (6.7%) and Fitzrovia (9.1%).
Russell Quirk, founder and chief executive of eMoov.co.uk, said: “It’s clear that Prime Central London has been devastated where the property market is concerned.
“For a while now certain areas have seemed impervious to changes in the property market elsewhere in the country.
“However it is apparent that this is no longer the case as the capital has been brought to its knees.”
He added: “I think a combination of the change in Stamp Duty, the potential threat of mansion tax and even to some extent the current situation in Russia, are all contributing to an instability in the prime central London property market.
“We believe that by Q2 or Q3 this will be confirmed when the likes of Halifax, Nationwide and Hometrack release their latest house price indices.
“We also predict demand will remain low until the election is over.
“If Labour don’t win then it will offer slight comfort to those looking to buy in these areas and without the fear of a mansion tax we could see demand regain some stability, but that is yet to be seen.”