New research from hybrid estate agent, eMoov.co.uk, has revealed that Prime Central London is starting to find its feet again after two years of declining buyer interest. Demand levels across PCL are currently at 13% on average, up +25% in the last six months and +39% annually.
As far as current buyer demand goes, Chiswick is the hottest area at 32% and is likely benefitting from its close proximity to Acton and the over spilling benefit and impending opening of the Crossrail service.
There is no surprise that both Islington (25%) and Camden’s Belsize Park (18%) are some of the hottest as far as demand goes, recent data from Zoopla shows that both boroughs have enjoyed the best price increase performance across London so far this year – no doubt spurred by these high demand levels.
Primrose Hill and Notting Hill complete the top five for current buyer demand at 14% and 13%, respectively.
Zoopla’s data also highlighted that Hammersmith and Fulham was one of the worst performing areas in London for price growth so far this year. This is bolstered by Mayfair placing as the coldest area in prime central London for current buyer demand at 4%.
Biggest Changes in 2017
Demand in Knightsbridge had stalled since this time last year and remained static until the start of this year. However, so far in 2017 the area has enjoyed the largest change in demand with an impressive +184% increase since January alone.
Homeowners in St. John’s Wood have enjoyed the second largest increase (+92%) in property demand and places fifth over the past year. Equally, Chelsea ties with an increase of +92% since January, followed by Primrose Hill (+79%) and Islington (+55%).
Biggest Annual Changes
As already mentioned Knightsbridge enjoyed the largest annual increase. Chiswick and Fitzrovia saw the second and third highest uplift at +113% and +111% respectively. Belgravia was not far behind with +107%, while St. John’s Wood placed fifth with a +92% demand rate over the last year.
As for Maida Vale, the area is not only the second coldest for current demand but ranks as the lowest in terms of demand movement both since the start of 2017 and in the last year. Demand levels in the area have dropped -32% since the start of the year and -38% annually.
Fulham suffered the second largest decline since the start of the year at -14%, while Marylebone has seen demand drop at a similar level to Maida Vale, down -30% annually.
Russell Quirk, founder and CEO of eMoov.co.uk, commented: “Finally, some good news for London’s high-end homeowners who have seen their property potential decrease substantially over the last two years. Despite many fearing the worst for London’s high-end market post-Brexit, the previous chancellor sucker punching the Prime market with repeated stamp duty blows, and with election uncertainty still hanging thick in the air, many areas of prime central London have performed better than the capital as a whole, a reversal of previous trends for sure.
It would seem areas of the market have really started to thaw since the start of 2017, seeing static levels of demand since last year and the start of this one, but then enjoying some sizable turn arounds since.
Of course, there are still areas feeling the chill of low buyer demand such as Maida Vale, Fulham, Holland Park and Notting Hill. But if this initial turnaround of the high-end market continues then things will certainly be looking up.”