Property slowdown a myth for a majority of London: New research report
Price growth at the top end of the London residential property market has slowed but the majority of the city is seeing the real estate grow. “Across most of the city property prices are up 8.2% year on year but for the top quarter prices are down by 2.4% year on year and 0.6% quarter on quarter, according to the latest report from Stirling Ackroyd,” reported propertywire. A breakdown of the figures shows that the traditional top quarter accounts for two-thirds of Greater London’s postcode districts experiencing price falls with Kensington High street prices fell by 11.8%. By contrast, if London’s old luxury postcodes are excluded, the remaining three quarters saw a growth of 2% rise over the same period, or annualizing house price growth of 8.2% for the overwhelming majority of London. Out of the 272 postcode districts in the capital, 47 saw local drops in average property values. However, 32 of these districts fall within London’s traditional prime top quarter of the property market. “London’s hugely diverse property market is undergoing readjustment, with the traditional old heart of Prime London under pressure from many fronts; from a low global oil price to China’s economic slowdown, to stamp duty reforms, and international fears of Brexit,” said Andrew Bridges, Managing Director of Stirling Ackroyd. He also pointed out that there is an outward wave of interest away from the old peaks of property prices. “Within the wider spread of London home- buyers, a growing band of increasingly affluent people can no longer afford the most over crowded areas of London,” he said.
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