London’s prime market takes further punishment

London’s prime market takes further punishment

According to the latest report from hybrid estate agent, eMoov.co.uk, the wider UK market is yet to suffer any detrimental Brexit impact, however it seems London’s £1m+ property market is feeling the strain of the decision to leave the EU.

The latest figures for London’s high-end market post-Brexit show that demand has fallen by -10%, now at just 9% on average. This is the lowest level on record and a further drop since demand cooled following April’s changes to stamp duty for buy-to-let and second homes purchases.

The five areas of prime central London where demand is at its lowest are Mayfair (3%), St Johns Wood (4%), Knightsbridge (4%), Belgravia (4%) and Fitzrovia (5%).

In addition, a notable 75% of London’s most prestigious locations have seen demand remain static or drop since Q2. In fact, the only places to have seen a positive uplift in demand for property over the last three months are Holland Park (+44%), Marylebone (+38%), Notting Hill (+17%) and Primrose Hill (+9%).

Notting Hill is also fourth hottest where demand levels are concerned, currently at 14%. With Belsize Park enjoying the highest demand across the PCL landscape (18%), followed by Islington (17%), Chiswick (15%) and Holland Park (13%) completing the top five.

Russell Quirk, founder and CEO of eMoov.co.uk, commented: “Yet more bad news for prime central London homeowners, with the Brexit vote seemingly putting the boot in while they’re down after the market took a bit of a kicking due to April’s stamp duty changes.

This was always likely to happen as these areas of London rely heavily on high-end foreign investment and second home visitors to survive. Whilst the rest of the UK market seems to be ticking along with little impact as of yet, the immediate weakening of the sterling and negative response from the rest of the EU seems to have had an instantaneous knock-on effect on the prime central London market.”

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London’s prime market takes further punishment

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London’s prime market takes further punishment
BDC 282. July 2021

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London’s prime market takes further punishment