Average prices of flats and houses in prime central London are now the same as they were six years ago; meanwhile in prime outer London prices are the same as early 2014.
The information comes from Knight Frank’s latest prime London market snapshot.
It says the average number of days between listing and going under offer began falling on a year-on-year basis at the end of 2018.
“It underlines how more appropriately-priced property is going under offer more quickly as vendors adjust pricing expectations” says the agency.
The average number of new prospective buyers per new property listing rose to 4.8 in the final quarter of 2018 in prime central and outer London. It was the highest figure in two years underlining - the agency says - “how pent-up demand has formed against the backdrop of political uncertainty in the UK.”
But Knight Frank admits that both pricing and sales volumes were on a downwards trajectory in the second half of 2018 after showing signs of stabilising in the first six months of the year, highlighting the impact of political uncertainty over recent months in particular.
Knight Frank’s prime London sales indices are based on repeat valuations of second-hand stock and do not include new-build property.