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Prime Central London (PCL) values continue to see limited movement, with nominal 0.4% price growth in June. Over the 12 months to June, however, PCL values dipped by -2.3%, the steepest annual drop since 2019.
Prime Central London (PCL) saw nominal 0.4% price growth in June, reflective of the limited value change across Greater London (0.3%) and England & Wales (0.5%). Over the 12 months to June, prices in PCL dipped by -2.3%, the steepest annual drop since 2019. Both Greater London and England & Wales fared better, with 0.4% and 1.9% growth respectively.
The PCL sales market has remained significantly subdued, with transaction volumes in the year to March down -21.7% compared to the previous year, averaging just 57 sales a week. Central London portal, LonRes, reported an even more dramatic fall in prime London sales during May, with 35.8% fewer transactions than the same point a year ago, and 33.5% fewer than the 2017-2019 average for May. Meanwhile, the level of stock on the market continues to edge higher, particularly in the £5m+ market.
The end of the non-dom tax regime in April, ongoing buyer caution and general negative sentiment around the global economic volatility, are key factors impeding sales activity in the prime market.
We expect buyers to proceed with caution over the summer months in the run up to the Autumn Budget, however, there is a compelling opportunity for savvy buyers to secure prime London real estate in a less competitive market at the best value in a decade. Similarly, for vendors willing to price appropriately or remain open to accepting offers, there are real opportunities to transact.
Prices were down across the majority of Central London’s villages in the 12 months to June, with the most significant decreases seen in South Kensington across both flats (-4.2%) and houses (-4%). This prime village is currently showing the greatest value, with prices further below their 2015 market peak than any other area in PCL, down -13% for houses and a substantial -20.5% for flats. This presents a compelling opportunity for buyers to take advantage of significant value in of the most prestigious and sought after locations in London.
The only villages to see price growth, albeit marginal, were Fitzrovia (0.2% growth for flats, 1.1% for houses), Mayfair (0.5% growth for flats only), with the largest growth seen in Marylebone (0.6% for flats and 1.1% for houses). Popular with both domestic and international buyers, Marylebone has been one of the most resilient areas in PCL in terms of consistent price growth, whilst values remain significantly below their peak, especially in the flat market (-11.2%).
LCP Private Office is not just a buying agent. We help homeowners and investors acquire, renovate, design, let and manage their property in Prime Central London. Whether you’re a first-time buyer or a seasoned investor, our experienced team are here to help.
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