The latest research by money saving online estate agent eMoov.co.uk highlights that demand in prime central London’s (PCL) most prestigious areas has increased by +11% since August now at 10% on average.
Today’s surprising results in the presidential election could further this apparent resurgence in the PCL market, as Americans may begin looking across the pond to invest in the capital’s top end market.
eMoov’s Prime Central London Property Index records the change in supply and demand for property above £1m across London’s most prestigious areas, by monitoring the total number of properties sold in comparison to those on sale across the major online portals.
Post-Brexit vote, the property market in London’s affluent neighbourhoods took a turn for the worst, slumping to the lowest demand levels on eMoov’s records. However, this initial scare to London’s high-end homeowners seems to have passed with the market starting to find its feet in an independent Britain. It is widely believed that today’s Trump win could bring a further additional boost in these prime central London areas and could see them return to their former glory.
Chiswick is currently the hottest spot for prime central London property demand at 24%, up +62% since August, the second largest increase of all PCL areas. Islington (16%), Belsize Park (13%), Notting Hill (12%), Holland Park (12%) Fulham (12%) and Maida Vale (10%) are the only other PCL areas enjoying double digit demand at the moment, however other than Fulham (+37%), all have seen demand drop since August along with five other locations.
Mayfair has dropped by -5% since August and is currently the coldest spot in prime central London with demand at just 3%.
Other than Chiswick and Fulham, four other areas have also seen an uplift in demand. Belgravia has seen the largest increase of all areas at +76%. Fitzrovia (+49%) is the third largest increase behind Chiswick. Kensington (+13%) and Chelsea (+3%) trail Fulham as the only other areas to have seen an uplift in buyer demand.
Today we’ve seen another historic and unexpected turn of events where the voting public is concerned. The decision to leave the EU back in June sent panic reverberating across the top end London market and we saw buyer demand drop to its lowest level on record.
Since then the market has begun to find its feet again and we’ve seen the slight green shoots of a prime central market sprout from the rubble. Ironically, it could be this second political vote that helps bolster demand in London’s top tier market and help grow these initial shoots further.”Russell Quirk