Post Code battle: SW3, W11 winning, SW7, SW1 losing out
The latest Coutts London Prime Property Index has revealed that activity in prime property market continued to rise in Q1, despite the conditions of lockdown. The wealth manager and private bank’s data suggests that buyers continue to look for space.
High-value central areas of London have seen the most significant falls in demand compared to the post-election bounce the market saw last year. But buyers have not fled the centre entirely. Areas offering larger homes and green space continue to find favour.
A 27.3% increase in sales compared to a year ago, properties selling 18 days faster and a 4.7% price decrease has meant the market is “febrile” according to Coutts CEO, Peter Flavel. “Stamp Duty holidays and the impending surcharge for non-resident buyers have disrupted usual market patterns. My conversations with clients suggest they’re thinking more about the quality of their lives at home than these measures. The last 12 months has made it clearer than ever that home is about making a family life you want to live; not just pennies and pounds.” He continued.
Chelsea, which recorded a 22.7% annual increase in sales in Q1 2020, saw a further 39.3% annual increase in Q1 2021. The home of the flower show was joined as a strong performer by Kensington, Notting Hill and Holland Park which recorded a 44.4% annual increase in Q1 2021, following a 12.3% rise in sales a year earlier. However, South Kensington, which saw sales boom a year ago, recorded 14.9% fewer sales in Q1 2021 than Q1 2020, albeit from a high base. Knightsbridge & Belgravia also saw transactions fall by 23.4% annually.