Wednesday , October 17 2018

London property market shines as sales climb

epa04189263 A general view of the 13-storey blocks of One Hyde Park property development designed by British architect Richard Rogers in Knightsbridge, London, Britain, 02 May 2014. According to media reports the last penthouse was sold for 140 million pounds becoming London't most valuable apartment of the capital's super-prime residential sector.  EPA/ANDY RAIN


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.

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