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The prime London property pockets defying the market meltdown 

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The latest research from leading independent London estate agent, Benham and Reeves, has looked at the current state of the prime London market and the areas defying the wider market meltdown to register year on year growth in transactions and strong price growth.

Benham and Reeves dissected the prime London markets to analyse the change in market movement on a granular level using the most sought after outcodes for London’s high-end buyers and the sold price and transaction volumes over the last two years above the £2m mark.

Transactions

The research shows that the most in demand at present is W8 covering parts of Kensington, Notting Hill and Holland Park with 148 transactions registered in 2018. SW3 in Chelsea and SW7 in South Kensington have also seen some of the largest numbers of sales over the last year.

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When looking at the change in transactions year on year, W1T covering Marylebone, Fitzrovia and Soho has seen transactions increase from just 13 in 2017 to 54 in 2018, an uplift of 315.4%. Mayfair and St James’s W1J has also seen a healthy uplift, up 183.3% from 12 sales in 2012 to 34 in 2018.

Price

Where price is concerned, there are still pockets across the prime central market that are commanding a very high price tag.

The highest is in SW1X covering Knightsbridge and Belgravia, where the average sold price in 2018 was £10.3m, followed by W1J in Mayfair and St James’s where it hit £9.4m. SW1P, W1K, W8 and W11 were all also home to an average sold price of over £5m last year.

In addition to the hot pockets of current prices there are also some areas seeing notable year on year growth as well.

Despite seeing a lower level of transactions year on year, the SW1P outcode covering Pimlico, Westminster and Victoria has seen the average price achieved increase 133% from £2.7m in 2017 to £6.5m in 2018. SW1X has also seen transactions almost half year on year, but the average sale price achieved has increased by 94.4% from £5.3m to £10.3m in 2018.

Director of Benham and Reeves, Marc von Grundherr said, “Of course the upper echelons of the London market will be the first to see a decline in tougher market conditions, but the prime property landscape has and always will be about quality over quantity. Many investors, particularly those in the Gulf and Asian, prioritise this quality in a long-term investment, whether it be the location or the finish of the property itself, and so despite diminishing yields they still opt for London’s high-end market.

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“As this research shows, some of the areas to have seen a decline in actual transactions, have actually seen the largest uplifts in the price achieved. What is also clear is that prime central London remains the driving force of the prime market and this prestigious reputation can weather far greater obstacles than a prolonged spell of political uncertainty.

“However, it’s also encouraging to see that where both transactions and price growth are concerned, we are also seeing positive trends appearing across the prime east, north and south markets.”

Top 10 Prime London Postcodes for Current Transactions
Postcode Area PL Region 2018 Transactions
W8 KENSINGTON, NOTTING HILL & HOLLAND PARK Prime Central 148
SW3 CHELSEA Prime Central 120
SW7 SOUTH KENSINGTON Prime Central 95
W2 BAYSWATER & MAIDA VALE Prime Central 92
SW10 CHELSEA Prime Central 86
NW3 HAMPSTEAD, HIGHGATE, BARNET & HARINGEY Prime North West London 86
SW6 FULHAM & EARL’S COURT Prime Central 83
NW8 ST JOHN’S WOOD, REGENTS PARK & PRIMROSE HILL Prime Central 78
W11 KENSINGTON, NOTTING HILL & HOLLAND PARK Prime Central 74
W14 KENSINGTON, NOTTING HILL & HOLLAND PARK Prime Central 74

 

Top 10 Prime London Postcodes for Current Av Sold Price
Postcode Area PL Region 2018 Sold Price
SW1X KNIGHTSBRIDGE & BELGRAVIA Prime Central £10,321,992
W1J MAYFAIR & ST JAMES’S Prime Central £9,477,280
SW1P PIMLICO, WESTMINSTER & VICTORIA Prime Central £6,507,105
W1K MAYFAIR & ST JAMES’S Prime Central £5,627,837
W8 KENSINGTON, NOTTING HILL & HOLLAND PARK Prime Central £5,240,460
W11 KENSINGTON, NOTTING HILL & HOLLAND PARK Prime Central £5,049,808
SW1W KNIGHTSBRIDGE & BELGRAVIA Prime Central £4,808,838
W1U MARYLEBONE, FITZROVIA & SOHO Prime Central £4,645,061
SW1A MAYFAIR & ST JAMES’S Prime Central £4,588,929
SW3 CHELSEA Prime Central £4,524,659

 

Top 10 Prime London Postcodes for Transactions Increase
Postcode Area PL Region 2018 Increase YOY 2017
W1T MARYLEBONE, FITZROVIA & SOHO Prime Central 54 315.4% 13
W1J MAYFAIR & ST JAMES’S Prime Central 34 183.3% 12
SW10 CHELSEA Prime Central 86 79.2% 48
WC1 MARYLEBONE, FITZROVIA & SOHO Prime Central 26 73.3% 15
SW1E PIMLICO, WESTMINSTER & VICTORIA Prime Central 17 54.5% 11
E1W CANARY WHARF & WAPPING Prime East London 6 50.0% 4
W1U MARYLEBONE, FITZROVIA & SOHO Prime Central 51 41.7% 36
SW18 BATTERSEA, CLAPHAM & WANDSWORTH Prime South 29 38.1% 21
E14 CANARY WHARF & WAPPING Prime East London 4 33.3% 3
W14 KENSINGTON, NOTTING HILL & HOLLAND PARK Prime Central 74 27.6% 58

 

Top 10 Prime London Postcodes for Price Increase
Postcode Area PL Region 2018 Increase YOY 2017
SW1P PIMLICO, WESTMINSTER & VICTORIA Prime Central £6,507,105 133.0% £2,792,390
SW1X KNIGHTSBRIDGE & BELGRAVIA Prime Central £10,321,992 94.4% £5,308,861
W1J MAYFAIR & ST JAMES’S Prime Central £9,477,280 59.0% £5,960,500
W1W MARYLEBONE, FITZROVIA & SOHO Prime Central £3,666,111 32.4% £2,770,000
SW1V PIMLICO, WESTMINSTER & VICTORIA Prime Central £3,156,917 30.7% £2,415,675
W4 HAMMERSMITH & CHISWICK Prime Central £3,422,629 25.9% £2,717,852
SW10 CHELSEA Prime Central £4,403,785 21.6% £3,621,633
SW1W KNIGHTSBRIDGE & BELGRAVIA Prime Central £4,808,838 21.1% £3,969,824
SW19 WIMBLEDON, RICHMOND, PUTNEY & BARNES Prime South £3,828,881 20.5% £3,177,663
SW4 BATTERSEA, CLAPHAM & WANDSWORTH Prime South £3,071,667 14.9% £2,673,500



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