Pricey Central London Records Subdued Housing Activity
London’s luxury housing market recorded a “relatively subdued” November, according to data released by LonRes. Last month, across the capital’s most upscale neighbourhoods, including Chelsea, Kensington, Mayfair and Knightsbridge, big-ticket real estate activity was below last year’s levels in terms of both prices and transactions, the property data firm said. Across the overall prime market in London, while average sold prices were 4.1% below last November, they’re 1.6% higher than five years ago and 4.1% higher than 10 years ago. Overall luxury sales meanwhile, fell significantly compared to the same time last year, dropping 32.1%. On the supply side, last month saw the number of prime homes on the market rise 5% compared to November last year, in some good news for potential buyers. Meanwhile, demand continues for the city’s trophy homes. The very top end of the market, referring to homes worth £5 million (US$6.3 million) or more, was the most active price band in November.
Tags : London’s l uxury housing market Chelsea Kensington Mayfair Knightsbridge trophy homes