London’s prime and super prime residential property markets appear to remain strong, with significant price growth in some postcodes, EPrivateClient has reported.
In analysing research from debt recovery firm, Henry Dannell, EPrivateClient indicate that in Camden’s WC1A postcode prices could be up as much as 114% since 2020, with popular postcodes in Westminster and Kensington & Chelsea being up by 34% and 28% respectively.
In respect of market activity, the Land Registry’s transaction data shows a 14% increase in transactions in England & Wales between February and March 2022. The UK House Price Index shows that (as of February 2022) London property prices generally were up by 8.1% on last year.
RICS have also reported that buy-to-let investors and overseas buyers are returning to the market, in spite of the Stamp Duty Land Tax surcharges, and that first-time buyer interest remains strong, which certainly tallies with what we are seeing at Charles Russell Speechlys.
Looking forward, whilst the RICS Report (March 2022) highlights concerns about the increased cost of living causing buyers to look more closely at EPC ratings, as well as reducing spending-power and buyer confidence, it remains to be seen whether these issues will affect the top tier. We expect minimal impact on the prime and super prime markets.
Our Private Property teams across London, Guildford and Cheltenham remain very busy, with a steady flow of high-quality new instructions covering both freehold and leasehold property and tax planning issues.
It therefore seems that, despite turbulence over the last couple of years and the ongoing geo-political uncertainties, there are certainly signs of life in the London market.
“…life is starting to return to the capital’s top tier, with some postcodes seeing average sale prices climb by as much as 114 percent”