LCP Private: Spring Issue
Early signs of recovery in prime London
With a successful start to the vaccine roll out and easing of lockdown restrictions, Spring 2021 is showing early signs of recovery in the prime London property market. The absence of overseas buyers has led to a lack of price growth compared to outer regions. However, there has been a noticeable increase of new and competitively priced listings being placed ‘under offer’ within short timescales.

In this Spring issue, LCP highlights a few of the notable trends and activities we have seen so far in 2021.
Property Acquisition
Only 2,936 transactions took place in prime London throughout 2020 according to recently released HM Land Registry data. This is 42% lower than the 10-year average and represents less than 60 sales a week on average. This is due in part to sellers' reluctance to market property during times of price suppression. LCP continues to identify the best opportunities for homebuyers and investors wanting to take advantage of low prices in this 'tightly held' market. 
Interior Design & Refurbishment
Our design and project management teams are finalising 4 renovation projects across prime London. Taking one case study, LCP managed the design and refurbishment of an unmodernised flat in the popular neighbourhood of Notting Hill for a client. The project was completed during the third UK lockdown. Within 24 hours of launching onto the rental market, the property was let to a young professional at the asking price.
Letting & Property Management
The recently released Q1 2021 lettings report indicates early signs of recovery in the prime London rental market. Village-like neighbourhoods including Marylebone and Pimlico were ‘hotspots’ and almost 90% of new tenants were 30 years of age or under. This is a strong indication of what a post Covid London may look like with a new generation viewing London as an employment and cultural hub as restrictions ease.
Awards
LCP is a founding partner of the Tatler Advisory, a trusted network of influential private client experts advising HNW individuals. The team have also recently been awarded 'Top Residential Property Buyers' by eprivateclient and 'Top Recommended' London Buying Agents in Spear's 500. 
Message from Andrew Weir, Chief Executive at LCP
Despite comparatively low levels of available stock in prime London, good investment opportunities continue to exist. We predict that the small one- or two-bedroom apartment market in particular will see a surge in demand as lockdown restrictions ease and the evolving new hybrid working model will require professionals to find a pied-a-terre to 'overnight' their 2-3 days in the office. 
The recent HM Land Registry data highlights that sellers have been reluctant to place their property on the open market. This scarcity of available stock in prime London can make it challenging for buyers to secure the best opportunities. As a buying agent, LCP's reputation and market knowledge ensure we can identify them and be the first to access both on and off market properties, some of which are not available to the general public.

To find out the best investment opportunities currently in prime London, please contact:
Andrew Weir, Chief Executive

andrew@londoncentralportfolio.com
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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.