A portal specialising in prime and super-prime London property has turned perceptions of the capital’s housing market on their head - and it says it’s the relatively lower-priced homes that have suffered most from the recent downturn.
The portal Vyomm has analysed price movements and transaction levels across what it calls “the regular London market” of properties priced up to £1m, and then the prime London market between £1m and £10m, and the super prime market of £10m-plus properties.
Vyomm says Brexit uncertainty has had an impact on the number of property transactions across London - but that the popular belief that it’s the most expensive homes that have been hit the most is not borne out by the statistics.
It says the ‘bread and butter’ section of the market under £1m has been worst hit, with sales down 20.49 per cent since 2014.
In addition, the super prime market above £10m has also seen a 17.2 per cent drop in sales volumes between 2014 and 2018.
However, London’s prime market between £1m and £10m has actually only seen a reduction of just 1.9 per cent compared to 2014.
Likewise with prices, previous perceptions have been upturned.
Indeed, houses priced above £10m have seen an increase in value of 19 per cent in the four-year period measured.
Homes under £1m, where transaction falls are most pronounced, have experienced a rise of 16.5 per cent in value, and where sales have suffered least – in the £1m to £10m segment - prices are actually down 5.34 per cent.