Which areas of London qualify as “Prime Central” differ depending on who offers the criteria. Most valuation surveyors and estate brokers believe that Prime Central London properties encompass the City of Westminster, the Boroughs of Kensington and Chelsea, and sections of Hammersmith and Fulham and Camden.
Within this relatively limited physical region, there are dozens of smaller places, each with a distinct character and attitude, lending London a global image as a cosmopolitan centre.
As a result of the pandemic, London’s prime property market, like other sectors in the UK, has developed and adapted. Let us see how Prime Central London properties have been affected. We will evaluate how the market has changed and what effects will fall upon a flat for sale in London.
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Demand for Houses and Outdoor Space Requirements
As a result of the epidemic, many purchasers have reconsidered what they truly want in a home. From larger houses to outdoor space, these lifestyle factors have become increasingly crucial for purchasers, and they aren’t going away anytime soon, despite many London residents’ gradual return to the workplace.
Larger houses and green spaces were in great demand, as seen by rising sales in important districts such as Chelsea, Notting Hill, and Holland Park.
Unsurprisingly, demand for homes has outpaced the demand for flats and apartments. Compared to leasehold spaces, there has been a surge in interest in freehold houses in prime central London over the last year. With the UK still adjusting to the ‘new normal,’ this heightened demand is projected to persist for the foreseeable future.
During the second quarter of 2021, house prices in prime central London rose by barely 0.2 per cent. Some postcodes, however, have defied the trend, with a significant spike in demand for large family homes in West and South West London, leading to greater price growth in these locations. Notting Hill, Bayswater, and Holland Park have seen the most demand. Belgravia, Knightsbridge, and Mayfair have had less development, owing to a lack of foreign travel. We are already seeing evidence that this may transfer into a seller’s market in the next few months.
Stamp Duty Rush Boosts Sales
During the last year, the stamp duty holiday has also incentivized purchasers and affected the market favourably. By June 2021, there will have been 70% more sales transactions than in any previous month, as purchasers scramble to beat the taper deadline.
The end of the stamp tax vacation undoubtedly led to a rush to finish transactions, as this wave pushed buyers to act swiftly.
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Return of International Travel
With international travel on the rise, there will likely be a surge in overseas buyers, particularly Knightsbridge and Mayfair.
At the moment, we’re seeing a diverse range of international buyers interested in prime central London properties. These potential buyers include high net worth individuals from Singapore, India, the United Kingdom, and South Africa. The changing lockdown measures will increase foreign buyers re-entering the London market.
More buyers returning to the city might spark a resurgence in the premium central London housing market, resulting in a higher competition and the possibility of bidding wars and sealed bid scenarios. As the world continues to reopen, activity will build up. London will continue to be one of the top global premier markets.
Price Hike Flats for Sale in London
Up until August, the Land Registry offers monthly house price statistics. Its results are based on average pricing, which the strength of the high-end market may influence. In contrast, the ONS (Office of National Statistics) reports that the median price in England and Wales increased at an annual pace of around 11% in the year to March 2021. This event occurred with expansion in all regions and the majority of local governments. Simply put, it serves as a meeting point for transactions involving detached, semi-detached, and terraced residences. Over the same period of 2021, the median price of apartments climbed by less than half.
Some areas and over half of local authorities had outright decreases in median flat prices. Including double-digit drops in the City of London and Westminster. This official home market report caught “the moment starting pistol was fired in the ‘race for space.'” During the pandemic was when flat owners became a casualty of the epidemic.
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