KC and Fulham still rising in a softening market say the Land Registry
July 28th, 2011 by Karelia | No Comments | Filed in House Prices, London Buyer's Agents, London Property Buyers AgentsIt will be no surprise to London Property Buyers Agents that The Royal Borough and Fulham and Hammersmith are continuing to lead the charge with rising property prices according to the latest figures from the Land Registry. Property prices in the two boroughs have increased by 6.6% and 6.4% respectively this year, followed closely by city favourite, Islington with an average 5.5% rise year on year.
Other areas to have performed well during the first six months of the year include Hackney, where prices have increased by 4.1% year to date and where prices rose by 1.8% in June, second only to Harrow where they rose by 2.4% in the same month. Westminster, home to Mayfair and parts of Belgravia, Marylebone and Bayswater rose 3.4% year on year, although the best properties have had a good year if priced well.
In our capacity as prime London Buyers Agents, we’ve been in several sealed bid situations this year so far as prime property continues to be in short supply and so well-priced property has sold well during the first half of the year. We always have searches in Mayfair and there has been a real dearth of good flats this year, apart from the odd portfolio sale, so the few deals we have done here have been off-market.
Now we are in holiday season, the market feels softer, as vendors and buyers retire to their second homes for the summer, but people have to live somewhere and although transactions are down overall year on year the numbers of prime properties changing hands in London is still up on last year. Interestingly, the number of properties sold in London for over £2million doubled between April 2010 and April 2011 from 71 to 141. I would be very interested to know how many of those completed before April 5th, when the new 5% stamp duty came into force for properties over £1million. If the experience of this London Property Buyers Agent is anything to go by, quite alot, I would imagine!
All statistics provided by the Land Registry House Price Index July 28th
