Tag: Prime Central London
It also shows that transactions are still 12.5% less than the very lowest point in the global financial crisis.
AI powered property investment portal One and Only Pro has found almost a fifth (19%) of properties in the borough were found to have ‘diamond’ investment status by One and Only Pro’s unique algorithm, with an average price tag of over £1m.
SW3 in Chelsea and SW7 in South Kensington have also seen some of the largest numbers of sales over the last year.
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.
February marked two years of annual rental value declines for the prime central market.
The average price for buy-to-let properties has fallen 27% to £816,429 over the last 12 months.
The quarterly rate of decline fell to just 0.7%, the lowest level since November 2015 and overall the number of new tenancies agreed was 22% higher year-on-year in the six months to February.
The number of transactions for the last year stand at 3,696, one of the lowest annual figures since Land Registry began recording transactions.
It expected Prime London prices to fall by 1% next year – though in the long run it predicted a price increase between 15% and 18% in the next five years.
The prime central London rental index report from real estate firm also shows that the average gross rental yield was 3.18% in November and average rents fell by 5.2% in the 12 months to the end of November 2016.