The most in demand area in the prime London market is W8, covering parts of Kensington, Notting Hill and Holland Park with 148 transactions registered in 2018, London estate agent, Benham and Reeves has found.
SW3 in Chelsea and SW7 in South Kensington have also seen some of the largest numbers of sales over the last year.
Marc von Grundherr, director of Benham and Reeves, said: “Of course the upper echelons of the London market will be the first to see a decline in tougher market conditions, but the prime property landscape has and always will be about quality over quantity.
“Many investors, particularly those in the Gulf and Asian, prioritise this quality in a long-term investment, whether it be the location or the finish of the property itself, and so despite diminishing yields they still opt for London’s high-end market.
“As this research shows, some of the areas to have seen a decline in actual transactions, have actually seen the largest uplifts in the price achieved. What is also clear is that prime central London remains the driving force of the prime market and this prestigious reputation can weather far greater obstacles than a prolonged spell of political uncertainty.
“However, it’s also encouraging to see that where both transactions and price growth are concerned, we are also seeing positive trends appearing across the prime east, north and south markets.”
When looking at the change in transactions year-on-year, W1T covering Marylebone, Fitzrovia and Soho has seen transactions increase from just 13 in 2017 to 54 in 2018, an uplift of 315.4%. Mayfair and St James’s W1J has also seen a healthy uplift, up 183.3% from 12 sales in 2012 to 34 in 2018.
There are still pockets across the prime central market that are commanding a very high price tag.
The highest is in SW1X covering Knightsbridge and Belgravia, where the average sold price in 2018 was £10.3m, followed by W1J in Mayfair and St James’s where it hit £9.4m. SW1P, W1K, W8 and W11 were all also home to an average sold price of over £5m last year.
In addition to the hot pockets of current prices there are also some areas seeing notable year-on-year growth as well.
Despite seeing a lower level of transactions year-on-year, the SW1P postcode covering Pimlico, Westminster and Victoria has seen the average price achieved increase by 133% from £2.7m in 2017 to £6.5m in 2018.
SW1X has also seen transactions almost half year-on-year, but the average sale price achieved has increased by 94.4% from £5.3m to £10.3m in 2018.