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The top end of the UK property market remains difficult at present but the prime central London sales market saw a quarterly rise in the second three months of the year, new research shows. Overall sales in the prime central London market increased by 24% compared to the first quarter of 2015, according to the latest data from estate agent Strutt & Parker. However, when compared to the same period last year, the results are less positive, down by 9% on the second quarter of 2014. The data also shows that properties over £2 million are 27% down in terms of the number of transactions in the same period last year, but 40% up on the first quarter of 2015. Properties under £2 million are 1% down on the second quarter of 2014 and 20% up on the first quarter of 2015. Strutt & Parker is forecasting price growth of 2.5% in the prime central London market overall in 2015, and in the medium term, the outlook for 2016/2018 remains for 6% growth per annum. For the UK as a while it expects growth of 5% in 2015, rising to 6% in 2016, followed by 7% for 2017/2018. ‘The increase to stamp duty, along with the general election uncertainty and the recent changes to non-dom status, have meant that individuals have been more hesitant with purchases as they seek additional advice,’ said Charlie Willis, head of London residential at Strutt & Parker. ‘However, this has not stopped buyers purchasing our highest quality stock as prime central London remains a very attractive place to live,’ he added. Continue reading →

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