28/01/2022
A MARKET BOUNCING BACK:
We’re seeing record-breaking price rises
in some parts of London.
Property worth £1 million or more in London continues to make a comeback as the world adjusts to life alongside the coronavirus pandemic – with house prices up and discounts down.
Prices have risen particularly well in areas outside central London, such as Richmond, Wandsworth and Islington, as we see a ‘race for space’ brought on by the pandemic.
This has created an opportunity for those looking to buy centrally as some areas are currently pretty cheap compared to historic levels. Prices in Knightsbridge & Belgravia, for example, are 17 per cent below their peak in 2014.
That may not last though, with many UK property agents predicting significant growth in central London’s luxury housing market this year.
Peter Flavel, CEO, Coutts, says, “The market for properties worth £1 million or more in London is well and truly on the rebound, having been in the doldrums over recent years. Prices are up, with new records set in some areas, and the amount buyers are getting off the asking price is dropping.
“Kensington, Notting Hill and Holland Park have been the most active in the over £10m price bracket, while King's Cross and Islington have seen rises of 12 per cent over the last 12 months.”
He adds, “The pandemic has forced many to rethink what they want. Clients are looking for more space, a bigger garden, and a home office. To get all that, many have been forced to move out a little further, and the resulting demand in those areas has caused prices to shoot up.”
source: Coutts & Co
