Heat map of London property increase – The only way is Essex! I speak to numerous property companies in London and I am increasingly hearing a lot about the slowdown in the Prime Central London property Market, and also read about it in the press.
I have been informed that the house prices in that area have ceased to grow or even gone into decline and that outer areas of London is now the place to be.
I thought I’d investigate further….
With data sourced from Zoopla we pulled together the house price increases in London over the past 12 months and generated the heat map above. It’s pretty basic but you can see that this confirms the information above – that the house prices in Prime Central London boroughs and traditionally more affluent surrounding areas have slowed dramatically. And that the outer boroughs are seeing more growth with specifically the boroughs to the east of London showing the greatest growth.
The slowdown in PCL has been put down to the increased transaction costs after the reform of stamp duty and the ongoing impact of the Mortgage market review. This seems set to continue with Savills warning that there will be no price growth in Prime Central London for all of next year and only 2% growth in 2017.
However, the information would suggest there is still activity happening (if no price increases) in the Prime markets as Hammersmith & Fulham and Kensington & Chelsea have had 1328 & 1522 sales respectively in the last 12 months – so perhaps the PCL isn’t dead yet!?
Here are the full figures pulled from Zoopla…
Do you own a business spanning a few of these markets? Do you work in one of these areas? What are you experiencing?
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