The pace of price growth for elite real estate in London has slowed down

Prices for Prime residential property in Central London rose 0.6% in October and about 6.2% for the first 10 months of 2013.

As a result, London has seen the steady growth in residential real estate for three years. Best of all, prices rose in October in areas CityFringe, Islington and Marylebone at 3.5%, 1.7% and 1.5%, respectively.

However, experts note that the rise in prices has seen moderation after a very high rate, which was taken from the beginning of the year. If you compare this year’s performance with previous in October 2012 for the 12 preceding months, the growth was at the level of 10.1 percent in October 2011 to 12.5% in 12 months.

Despite the fact that prices are rising for 35 consecutive months , from these figures it is obvious that the growth rate has slowed. Although characterized by some differentiation of prices by region.

Prices in the area CityFringe increased by 10.2% in 2013. In the area Islingtonна of 8.9%.

Prices in Belgravia fell in the last quarter on 0,2%, and from the beginning of the year saw a modest 0.8 percent.

In General the trend is that the growth of prices for luxury properties in Central London districts ran into resistance buyers. This fact is confirmed by the decrease in prices in other parts of Central London. For example, in the Hyde Park area prices fell 0.3% in the month, in SouthBank by 1.4%.

The demand for luxury properties remains high, the number of new applicants registering to buy property in 2013 by 34.4% in comparison with 2012, the number of views increased by 15%. However, more detailed analysis shows that most of the registered buyers are focused on properties valued up to £2 million of sales in 2013, 7.6% more than in the same period in 2012 and the main increase in prices fell exactly on this segment of the market. Property in a price range from £5 million to £10 million above £10 million grew in value by 3.1% and 1.6%, respectively. At that time, as the property value up to £1 million and £1 million to £2 million grew in value by 10% and 8.9%, respectively.

At such high levels of sales it is not surprising that the number of offerings on the market is limited. The amount available for the sale of real estate has declined in London in September 2013 compared to September 2012 8%.

® Alice Morgan 11/11/2013