An online estate agency claims there has been a dramatic decline in demand for £2m-plus homes in central London.
eMoov has analysed properties with asking prices of £2m and above in 17 London neighbourhoods. It has found that demand, measured as the percentage of properties sold versus those listed, has this month slumped to an average of just 11.2 per cent.
The worst affected areas were St James's - where during the period under analysis in the first half of February there were no sales in this price range - followed by Marylebone (6.4 per cent sold), Primrose Hill (6.5 per cent), Maida Vale (6.7 per cent) and Fitzrovia (9.1 per cent).
The best performing locations in the agency's analysis were Islington (where 24.6 per cent of £2m-plus homes sold), Chiswick (19.5 per cent), Notting Hill (16.1 per cent), Belsize Park (15.9 per cent) and Fulham (13.5 per cent).
eMoov chief executive Russell Quirk says that parts of the capital which previously seemed impervious to downturns were now beinf badly hit.
A combination of the change in stamp duty, potential threat of mansion tax and even to some extent the current situation in Russia, are all contributing to an instability in the prime central London property market he says.
Like most commentators, Quirk suggests demand will stay low until at least after the May 7 general election.
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Comments
Real Agent: ZING!
I would rather hear the statistics from someone who actually influences and understands those statistics.
I can't imagine the Emoov staff courting Russian oligarchs for months to secure top end sales for their clients.
Yes, unusual for the master of self-promotion to not actually be promoting anything. He still, though, has an opinion on almost everything property-related.
Instability in the Prime Central London market Not before time. The prices were getting ridiculous.
Which is probably why there is a decline in the sale of them!
Very nice of him to have a rummage through right move then make it into another press release..........I've read it twice and can't find any self promotion in it though which is unusual for Quirk, although lord only knows why he's bothered I don't think his business has had a sniff on anything in London anywhere near this price Strange man - Jonnie
Coming from a man who can't sell high end properties he just lists them.