Prices of luxury property in London have returned to levels 2013

Prices for luxury property in London have returned to their levels of 2013, a decrease of 12% from their peak values that were reached in 2014. Now falling prices slowing to just 0.3% decrease in prices in the 3rd quarter of 2017 compared with 2016.

In General, the market of “luxury” – the London property demonstrates the stability, the property market range from £1 to £10 million demand, but each buyer achieves on average about 9.9% discount.

The number of sales in the 3rd quarter of 2017 increased by 21% compared with the year 2016, but buyers still show little interest to the real estate is cheaper £1 million

It is expected that the prices of real estate in the elite sector of London will not change in the short term, while the uncertainty associated with Brexit will remain on the political stage.

In North London, the biggest discounts – up to 11.4% of the buyer presented in the areas of St John’s Wood , Regent’s Park , Primrose Hill , where housing costs range from £2 to £5 million

The most significant price fluctuations the real estate market of London saw in the Central area. So, in Mayfair and St. James rates have decreased by 25.4% from their peaks in the 4th quarter of 2013. The areas of London, Fitzrovia and Marylebone looked good the last years compared to other areas of London, showing the price increase from 2013 by 31.2% and an increase of 4.6% over the last year.

Marylebone continues to get customers who move from expensive neighbouring Mayfair and benefits from a newly opened Tottenham Court Road and new metro station Elizabeth line, which will open in December next year.

The drop in prices of real estate in Chelsea was less pronounced than in neighbouring Mayfair and St. James . Prices in Chelsea fell by 15.9% from their peaks in the second half of 2014, and the last 5 quarters remain unchanged. It is expected that, as prices stabilize the mood of buyers will improve and the interest in this area will grow again.

The market of real estate in West and South London continues to recover and the difference in price between Chelsea and Fulham kept looking to shrink under the influence of the new progressive stamp duty.

Prices in Richmond, Wimbledon, Putney and Barnes are close to their peak values, and the number of transactions increased in Q3 2017 39% compared to the same period in 2016.

® Helen Entree. 30.10.2017 G.

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