Property values in prime central London have risen by 0.3% month-on-month, according to Knight Frank’s Prime Central London Index for May.
Central London property prices are now 58% higher than the market low in March 2009.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
According to the new Knight Frank Index, 2013 prices have now climbed by 3.2% and are 7.2% higher on an annual basis. In spite of rising prices, demand for the very best London homes remains strong, with the number of new applicants 40% higher so far this calendar year compared to the same period in 2012.
With a 17% rise in sales in the first four months of 2013 compared to the same period of 2012, the rising interest has translated into higher sales volumes across the wider prime London market, which was concentrated in the sub-GBP4 million bracket, with a 28% rise in sales of homes with a value under GBP2 million.
The super-prime GBP10m+ sector saw an initial decline in year-on-year sales in January and February, overturned by a strong 57% annual rise in sales in March and April, Knight Frank said.
The strength of the sub-GBP2 million sectors does point to indications that buyers are becoming more prices sensitive. It is notable that our index results pointed to modest price falls in Belgravia and Knightsbridge (0.2% and 0.3% respectively) in May, despite strong demand.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCity Fringe and Notting Hill reported the biggest rises compared to the previous month, with average prices 2.6% and 1.2% higher respectively.
