Super prime activity still going strong in London
While the mainstream market is having a slowdown, London’s £10 million plus property market is still going strong thanks to pent-up covid demand, according to Knight Frank analysis.
Prime London
Prime London rents still spiking in October
Rental growth rose to 17.8% in Prime Central London and 15.4% in Prime Outer London – as the imbalance between supply and demand continues to push prices up for the most prestigious properties.
Prime London outperforming the rest of the UK
Prime Central London is seeing more activity than the rest of the UK, signalling that it’s regaining some of its previous strength following the pandemic-induced downturn.
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How and where to invest in 2022
Here, at Property Investor Post we look at how you should focus your property investment in the New Year.
Overseas buyer activity plummets for second year running
In 2019 investors purchased £16.6bn of UK property, but this fell by 58% in 2020 to £9.4bn, and by a further 65% to £3.3bn in 2021.
Prediction - Prime London prices to rise by 21% in five years
Another factor is previous market activity, as Prime Central London flat values have fallen by -10.2% since 2016, while the cost of houses has fallen by -4.4% over that period.
London being hit by lack of Asian buyers
The 50-storey Damac Tower development in Vauxhall – containing 360 new apartments – is said to be a good example.
London has the third most super prime stock globally
Globally there are 1,890 homes listed for sale above the £10m mark, with London accounting for 16.8% of the market with 317 properties.
Knight Frank: Prime London now a landlord’s market
This trend has continued for a few months, as the second highest month for tenant demand was in July this year, followed by June.
Prime London transactions reach five-year high
The number of transactions in prime London reached their highest level since March 2016 last month, research from estate agent Knight Frank shows. This…
