Prime Central London’s average prices remain 20 per cent below their 2014 peak according to high end estate agency Strutt & Parker.
“Stock remains stubbornly low and is a key reason for a subdued market. We cannot predict what will happen after [Brexit deadline] October 31 but for now, we are experiencing an increase in buyer interest and activity is relatively stable” according to Guy Robinson, head of residential agency at the company.
Total transaction levels in PCL grew 5.3 per cent in the first six months of 2019 when compared to H1 2018, with homes costing below £2m being the main source of growth.
“Prices in PCL have continued to fall, however, and are now circa -20 per cent from their 2014 peak” says a statement from the firm.
Across the whole UK mainstream market, property prices grew 0.7 per cent year-on-year at the end of the first half of 2019.
Nationally, house prices are now 16.6% above their pre-crisis peak and in all of London property prices are 53.5 per cent above, despite the PCL slump.
Commenting on the London new homes market, Mark Dorman - head of London residential development and investment at the agency, says: “Overall, there has been a marked increase in activity and offers received over the last quarter, particularly in properties that sit above £5m. Only when vendor expectations and market perceptions are aligned are we seeing an increase in transactions.”