The real estate market of the London froze in anticipation of parliamentary elections

The residential property prices in Central London continued to remain stable, showing almost no growth, but falling prices for some types of property quite insignificant.

Company Knight Frank has published the latest data on the real estate market of London. In annual terms, price growth in Prime Central London was 3.3%. The March growth of prices showed a slight 0.1 percent.

This is the lowest level of growth in property prices in Central London over the past five years.

On average the last 6 months prices remain unchanged and, in anticipation of the upcoming election in may 2015, the mood of uncertainty increase. In fact, the market froze in anticipation.

There is some activity in the market in the low price category, but the vast majority of buyers and sellers in the real estate market in Central London prefer to wait for the results of the most unpredictable elections over the last decade.

According to the report by Knight Frank, the best sales were in Knightsbridge, Islington and St John’s Wood. Islington, where prices do not reach the prices of Central and West London, has benefited from changes in the scale of Stamp duty, which took place in December 2014. As a result, this district showed annual price growth to 7 %, which is the second highest results in the elite areas of Central London after Hyde Park. District Knights bridge, always desirable and attractive, has brought to market several new renovated apartments ready for immediate occupancy. An excellent example of what the buyer chooses the convenience, comfort and lack of problems, then pays attention to the prestige of the index. In the case of Knightsbridge is the place the perfect combination of high quality accommodation and prestigious district.

The popular district of St John’s Wood shows that the buyer is willing to abandon Central London in favor of a reasonable rates and more spacious housing.

Despite the fact that the market is now in a state of calm, a report by Knight Frank shows the trends of real estate market of London and will help to understand where you will follow the market after the elections in may 2015.

® Maxim Savitsky G. 01.04.2015

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