The sun shone particularly brightly on central London’s prime market over the summer as an increase in sales transactions brings an end to a general slowdown.
In the first seven months of this year, the number of sales transactions on residential homes increased by 5% compared to the previous year.
The surge in sales activity has been boosted by price reductions. Property prices in central London’s prime market have risen exponentially in recent years, but increased stamp duty on high-value properties and concerns surrounding Brexit have caused the prime market to wobble slightly.
However, though sales volumes have declined since April of this year, June and July saw an increase in sales volumes when compared with the previous year.
Recent signs of a recovery in the prime central London sales market are evident when compared with 2016. Last April saw the introduction of an extra 3% stamp duty surcharge on second homes, while the UK’s decision to leave the EU last June also caused a degree of uncertainty, both politically and economically.
Meanwhile, other reports suggest that London’s prime residential markets, which includes Mayfair and Belgravia, continue to be regarded as a ‘safe haven’ by overseas investors in search of a stable investment destination in an increasingly unstable world.
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