The top end of the London property market

The top end of the London property market

Data revealed on Monday the prime streets in London where buyer activity remains “robust”.

The findings are set against the backdrop of a wider property market freeze amid an uncertain political climate as the nation prepares to depart from the European Union.

The London lettings and estate agent Benham and Reeves took a look at property sales between the £3 million and £10 million range, as well as those amounting to £10 million and over, over the last year.

The findings reveal the capital’s popular high-end streets and how much home buyers are paying to live there.

According to the data, the prime market saw a total of 917 sales across the city with an average price paid amounting to £4.5 million, and with sales totally £4.1 billion.

Southwark’s Blackfriars Road was the most highly sought after area in the prime market, receiving 51 sales over the last year totalling £227.5 million.

Bishops Avenue and Chiltern Street both came second, with 13 sales.

As for London’s super prime market, there have been 79 sales in total over the past year, at an average of £17.2 million per sale. Sales in this market total £1.4 billion worth of property.

“The continued political and economic uncertainty caused by our prolonged departure from the European Union has had an impact on buyer sentiment across London’s high-end market, and we’ve seen this caution lead to a fall in transactions and a decline in the price achieved during a sale to a certain extent,” Managing Director of Benham and Reeves, Anita Mehra, commented on the data.

“However, to have seen as many as six sales transact over the ten million pound mark on one street alone is proof that London remains one of if not the most desirable market in the world, despite this tougher landscape,” Anita Mehra continued.

“In addition to this, it seems as though we have very much seen the bottom of the market over the last few months and there has already been a notable uplift in buyer and seller activity which is already stimulating the prime and super-prime markets.”