The Prime Central London (PCL) residential property market in 2020 experienced the lowest volume of annual sales transactions on record. Recently released sales data from HM Land Registry, analysed by London Central Portfolio, suggests that in PCL:
Only 2,936 transactions took place throughout 2020.
Less than 60 sales took place per week on average.
Annual transactions were 42% lower than the 10-year average.
Annual transactions were 75% below the peak of 11,660 in 1999.
Within PCL, which comprises the City of Westminster and the Royal Borough of Kensington and Chelsea, there are approximately 213,000 homes.
This implies that a property in PCL would only change hands on average once in every 73 years at current transaction levels. This is now over double the average time a property in Greater London is held, at 29 years.