Demand for prime properties in London hotspots up 6% since February

Taylor Scott International News

Demand for properties in prime central London has increased by 6% since February with areas like Islington and Chiswick more popular than Kensington, new research suggests. The biggest increase in demand has been in Chiswick with a rise of 54%, followed by Islington up 30%, Belgravia up 22%, Knightsbridge up 21%, Mayfair up 8% and Chelsea up 1%. However 44% of areas are still in decline with Primrose Hill down 71%, St Johns Wood down 36%, Fitzrovia down 30%, Holland Park down 24% and Kensington down 16%, according to the property hotspots index from online estate agent eMoov. The index looks at demand for property over £2 million in 16 of London's most prestigious neighbourhoods, examining the total number of properties sold in comparison to those on sale. The latest figures show that the property freeze in prime central London has thawed ever so slightly since February, with the demand percentage rising by 6% on average. However, nearly half of the areas in question, 44%, have continued to decline substantially. The index report points out that although these areas would have been hit by a mansion tax, last week's election result will have restored confidence in buyers looking to buy at the top end of the market. Since eMoov's February index there has also been an increase of 5% in the number of properties over £2 million listed for sale, to the two major portals, Rightmove and Zoopla. This increase was driven for the most part by Fulham, Belsize Park, Notting Hill, Primrose Hill, Islington and Chiswick. Russell Quirk, chief executive of eMoov pointed out that uncertainty caused by the general election meant many potential buyers were waiting to see the outcome before committing to a property above £2 million. ‘We are already aware of a significant increase in buyer activity since the election. It is most likely this is going to translate into a more buoyant picture in the months to come,’ he added. Continue reading →

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