Prime London property has had a tough year, but there are signs that the slump is easing.
The capital’s three most expensive boroughs—the City of Westminster, Camden, and Kensington and Chelsea—each saw sales jump by more than 20 percent in the third quarter from the same period in 2016, according to a report from LSL Acadata.
The year-earlier period was in the immediate aftermath of the Brexit vote, and the surge indicates that “momentum is returning to sales in prime central London following the downturn in transactions experienced during late 2016,” the report said.
“Movement at the top end of the market helps to increase activity all the way down the housing chain,” said Acadata’s Peter Williams and John Tindale.
Nationally, the report may also be a cause for optimism. While November’s 0.9 percent annual gain in prices was the slowest since April 2012, they increased from the previous month for the first time since March.
The signs of improvement buck a trend of pessimistic reports, regarding London.