{"id":4023495,"date":"2019-04-04T12:30:44","date_gmt":"2019-04-04T11:30:44","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=4023495"},"modified":"2023-10-10T13:59:42","modified_gmt":"2023-10-10T12:59:42","slug":"demand-is-returning-to-the-prime-property-market-in-london","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/demand-is-returning-to-the-prime-property-market-in-london\/","title":{"rendered":"Demand is returning to the prime property market in London"},"content":{"rendered":"

London\u2019s prime property sector records a 6.3% increase in\u00a0<\/span><\/b>demand from buyers<\/span><\/b>\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n

Knight Frank\u2019s<\/span><\/i>\u00a0latest property report records a rise of 6.3% of prospective buyers keen to buy property in prime central London (PCL). The increase in activity spans the last 12 months up until the end of February 2019.<\/span>\u00a0<\/span><\/p>\n

Tom Bill, head of London residential research at Knight Frank<\/span><\/b>\u00a0said: \u201c<\/span><\/b>Although activity levels have fallen due to political uncertainty, underlying demand has strengthened as potential buyers respond to price adjustments<\/span><\/b>.\u201d\u00a0\u00a0<\/span><\/b>\u00a0<\/span><\/p><\/blockquote>\n

The report\u00a0<\/span>by\u00a0<\/span>Knight Frank<\/span><\/i>\u00a0<\/span>also\u00a0<\/span>reveals<\/span>\u00a0that the number of offers\u00a0<\/span>was up by<\/span>\u00a07.5% in the year to February 2019<\/span>, although the volume of property\u00a0<\/span>exchanges in\u00a0<\/span>PCL was down by\u00a0<\/span>14% in the\u00a0<\/span>same period according to<\/span>\u00a0<\/span>LonRes<\/span><\/i>\u00a0data.<\/span>\u00a0<\/span><\/p>\n

Knight Frank\u2019s<\/span><\/i>\u00a0Mr Bill explained: \u201c<\/span>The number of new properties listed for sale has declined in recent months as a result of Brexit related political uncertainty. The imbalance between the current strength of demand versus supply indicates the potential for upwards pressure on prices and activity onc<\/span>e\u00a0<\/span>political uncertainty recedes.<\/span>\u201d<\/span>\u00a0<\/span><\/p>\n

In prime\u00a0<\/span>central<\/span>\u00a0London<\/span>, \u2018super prime\u2019 properties\u00a0<\/span>priced\u00a0<\/span>at the \u00a310 million plus mark had only dropped by 0.1% and 0.2% between \u00a32 million and \u00a35 million<\/span>\u00a0homes<\/span>.\u00a0 Properties priced between \u00a31 million and \u00a32 million fell by just 0.3%<\/span>.\u00a0 T<\/span>he largest decrease affected the sub \u00a31 million market with a year on year fall of 6.5%.<\/span>\u00a0<\/span><\/p>\n

The latest data, indicates that despite prices being down by 5.1% up between February 2018 and the end of February 2019 and down 1.3% for Q1 of this year, the de<\/span>mand from buyers\u00a0<\/span>is now increasing across<\/span>\u00a0the prime property market in central London.<\/span>\u00a0<\/span><\/p>\n

Knight Frank<\/span>\u2019s report states<\/span>\u00a0that month on month the\u00a0<\/span>drop<\/span>\u00a0was\u00a0<\/span>fractional a<\/span>t 0.4% and in outer London it was\u00a0<\/span>only\u00a0<\/span>0.2% with this sector seeing a quarterly fall of 1% and annual fall of 4.6%.<\/span>\u00a0<\/span><\/p>\n

Tom Bill,\u00a0<\/span><\/b>head of London residential research at\u00a0<\/span><\/b>Knight Frank\u00a0<\/span><\/b>said:<\/span><\/b>\u00a0\u201cThough there are fewer properties on the market, the number of offers being submitted is increasing as pent-up demand builds. Despite stronger underlying demand, weaker overall economic sentiment means some buyers and sellers remain hesitant.\u201d<\/span><\/b>\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

London\u2019s prime property sector records a 6.3% increase in\u00a0demand from buyers\u00a0\u00a0 Knight Frank\u2019s\u00a0latest property report records a rise of 6.3% of prospective buyers keen to buy property in prime central London (PCL). The increase in activity spans the last 12 months up until the end of February 2019.\u00a0 Tom Bill, head of London residential research… Read more »<\/a><\/p>\n","protected":false},"author":217,"featured_media":5767,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[12,6],"tags":[121],"class_list":["post-4023495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london","category-uk-housing-market","tag-london-house-prices"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/4023495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/217"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=4023495"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/4023495\/revisions"}],"predecessor-version":[{"id":6097593,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/4023495\/revisions\/6097593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/5767"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=4023495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=4023495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=4023495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}