Another estate agency has provided evidence of the problems that continue to hurt the prime central London housing market.
Strutt & Parker, in its latest snapshot of the capital’s market, says prime central prices have fallen around 20 per cent from the 2014 peak.
Transactions in PCL are up, however - they grew by 13.3 per cent on an annual basis in the third quarter of this year, driven largely by the ‘lower end’ of the market, below £2m, where transactions rose by a significant 16.7 per cent.
Louis Harding, Strutts’ head of London residential sales, says: “The biggest challenge the London market faces is stock availability. Best in class properties are in demand and there is significant competition amongst buyers who are active.”
The S&P data comes at the same time as investment consultancy London Central Portfolio reports a further 7.5 per cent fall in sales of new build homes in prime London - just 260 such properties sold in the first three quarters of 2019.
In the PCL lettings market, Strutt & Parker says the take-up of new rental tenancies decreased overall by 1.8 per cent in Q3 2019 compared to the same period last year.
Figures again demonstrate a polarised market, with the biggest downturns in the sub £500 per week bracket.