Price growth in PCL, Greater London & England and Wales 

Liam Monaghan, Managing Director of LCP Private Office, comments on Prime Central London

Anecdotally, LCP had its busiest Summer in terms of new buyer enquiries since the Covid-19 pandemic in both BTL (Buy-to-Let) and Homeowner markets, but this has yet to translate to an uplift in transactions, as buyers have been in no rush to make decisions and are looking for the best ’deals’. Uncertainty in the lead up to the Autumn Budget led many potential buyers and sellers to adopt a wait-and-see approach to see how the property market will be impacted.  

Therefore, price growth remained muted across all markets during September and have increased modestly year-on-year, most significantly across England & Wales with 1.6% growth, followed by Prime Central London with 1.4% annual change and Greater London at 1.3.%   

Houses in PCL outperformed flats by 2%, with 3.2% growth over the 12-month period to September, demonstrating an appetite for larger properties with outdoor space. The average PCL house price is now £4,099,229, up 3.2% on the previous year, whereas PCL flats stand at £1,154,730, with more modest annual growth of 1.2%, reflecting a lack of rental investment buyers in Central London.  

PCL is continuing to see a dramatic annual decline in transactions volume of -28.3% (averaging just 54 sales a week), with similar levels of decline seen across Greater London (-27.7%) and England & Wales (-28.2%).  

The positive news is that the period of speculation and uncertainty leading up to the Budget is now behind us. Will the Labour government’s first Budget in 14 years result in a further slump in transactions or move the property market forward? We wait to see the impacts of yesterday’s announcements and continue to offer guidance and support to our clients to help them navigate the changes.  

Prime Central London Performance By ‘Village’ and by property type

In both the flats and houses markets, values across almost all PCL villages remain at a discount to their 2015 peak, although year-on-year most areas have experienced price growth.  

Notting Hill & Holland Park was the best performing village in terms of combined price growth for both flats and houses, with 4.2% and 6.3% annual growth respectively. Houses values in this popular village are now 5.5% above their 2015 peak, one of only two villages to have seen prices increase beyond their 2015 levels due to demand from both UK and international buyers.  

There are still opportunities to be had within the PCL flat market, in villages such as Marylebone and Fitzrovia which saw marginal negative annual growth of -1.1% and -1.5% respectively. Values in both villages are still considerably below their 2015 peak, highlighting an opportunity to purchase property at compelling prices.  

LCP Private Office is more than just a buying agent. We help homeowners and investors acquire, renovate, design, let or manage their property in Prime Central London. Whatever your requirements, we are here to help. To arrange a call with one of our property experts, please click here.

Disclaimer: This report is published for general information and should not be relied upon in any way. No responsibility can be accepted by London Central Portfolio Limited for any loss or damage resulting from any use of the contents of this report. Any forward-looking statement involves known and unknown risks, which could differ materially from those expressed or implied.