Home Residential PropertyRevealed: Top 5 sales distorting the Prime Central London property price

Revealed: Top 5 sales distorting the Prime Central London property price

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12th Aug 13 12:02 pm

Acacia Road

Acacia Road, Westminster is one of the many roads in Prime Central London where sales are distorting the average property price

The release of the latest Land Registry data shows much of the same โ€“ average house prices are rising and Prime Central London houses are rising faster still.

According to the latest statistics, the average home in England and Wales now stands at ยฃ242,415, a quarterly rise of 1.3%. Flats, which represent almost 20% of the total market, are even higher, retailing at an average ยฃ250,101.

Prime Central London, however, far outpaced national averages, with prices growing by 7.2% in this quarter alone, according to luxury property specialists firm, London Central Portfolio. Average property prices now stand at a stellar ยฃ1,472,181.

But all is not quite as it seems and sales at the ultra-prime end of the market are said to be heavily ย distorting the averages.

โ€œHeadline average prices in PCL are becoming increasingly distorted by increasing numbers of โ€˜super primeโ€™ transactions,โ€ said LCP CEO Naomi Heaton.

โ€œThese top-end deals do tend to mask real average prices. In truth, 63% of all sales this quarter took place under ยฃ1m.โ€

The PCL โ€˜housesโ€™ sector, is notoriously volatile and because of its tiny size and huge price diversity, has been known to put in an exceptionally strong performance.

In the last quarter 230 houses were sold, a 33% increase on last quarter. The โ€˜top five most expensive salesโ€™ in the second quarter were all houses located in PCL bringing the average house price to a new high of ยฃ3,136,615.

Top five expensive sales:

Wilton Street

Wilton Street, Westminster

  1. 19 Wilton Crescent, Westminster: ยฃ25m
  2. 66 Townshend Road, Westminster: ยฃ24m
  3. 26 Acacia Road, Westminster: ยฃ16.5m
  4. 49 Rutland Gate, Kensington and Chelsea: ยฃ15m
  5. 2 Trevor Place, Kensington and Chelsea: ยฃ14.5m

Rutland Road

Rutland Road, Kensington and Chelsea

The most expensive apartment was 25 Chesham Place, Kensington and Chelsea: ยฃ13.25m.

Outside London, the most expensive sale was in Weybridge, Surrey: ยฃ8m.

ย 

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