Written on 8 August 2018 by Giles Cook in Property News
Prime London property prices have risen in the second quarter of the year across both the sales and lettings market.
Though property price growth was small in the second quarter, the movement is positive as it shows a continuing confidence in the prime central London market.
According to new data, the second quarter has seen sales price increases of around 0.2% on average in properties priced up to £2million, while properties in the £2million to £5million price bracket rose by 0.4% on average.
Though the rise is minimal, the second quarter of this year follows the first quarter in trend, meaning there has been price rises over consecutive quarters.
Similar activity has been seen in the lettings market, as rents have risen over the first two quarters of 2018.
Demand in prime London remains strong, and figures published recently by UCAs show a continuing demand from international students for accommodation, especially from those based outside the EU.
In fact, student demand has increased this year, as students sort out their accommodation ahead of the start of term in September.
Though activity is generally slower in the prime market, demand for property remains, and we can expect this trend to continue into the third quarter, especially when August and September are typically busy months for the lettings market.
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Photo Credit: Amanda Slater