The release of the latest Land Registry data shows much of the same – 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 £242,415, a quarterly rise of 1.3%. Flats, which represent almost 20% of the total market, are even higher, retailing at an average £250,101.
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 £1,472,181.
But all is not quite as it seems and sales at the ultra-prime end of the market are said to be heavily distorting the averages.
“Headline average prices in PCL are becoming increasingly distorted by increasing numbers of ‘super prime’ transactions,” said LCP CEO Naomi Heaton.
“These top-end deals do tend to mask real average prices. In truth, 63% of all sales this quarter took place under £1m.”
The PCL ‘houses’ 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 ‘top five most expensive sales’ in the second quarter were all houses located in PCL bringing the average house price to a new high of £3,136,615.
Top five expensive sales:
- 19 Wilton Crescent, Westminster: £25m
- 66 Townshend Road, Westminster: £24m
- 26 Acacia Road, Westminster: £16.5m
- 49 Rutland Gate, Kensington and Chelsea: £15m
- 2 Trevor Place, Kensington and Chelsea: £14.5m
The most expensive apartment was 25 Chesham Place, Kensington and Chelsea: £13.25m.
Outside London, the most expensive sale was in Weybridge, Surrey: £8m.
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