05 Nov 2019
The number of property transactions recorded across prime central London during the first nine months of the year has increased.
According to the most recent data compiled by estate agent Knight Frank, prime central London witnessed an 11% rise in property transactions for the period stretching January-September 2019, versus the same time last year. Sales in prime outer London on the other hand, were widely stagnant when compared to 2018.
The growth in property activity in the region was broadly a result of two major factors, Knight Frank said – one being the fact that prices in central London have been changed to fit the higher stamp duty rates, and “the Sterling discount” foreign buyers can now take advantage of as the value of the pound plummets against other leading currencies.
Knight Frank also noted the “pent-up demand” which was contributing to the stabilisation of the market. September also the ratio of new prospective buyers to new property listings go up to 14 – the highest level in over a decade.
In the 12 months to September, the number of tenancies approved by Knight Frank in London surged by 39%, marking the highest increase in over 10 years.
Head of London residential research at Knight Frank, Tom Bill said: “Irrespective of the large build-up in the sales market, political uncertainty generated by Brexit has prompted more people to rent.
“The tenant fee ban, which was introduced in June, has further driven demand by reducing upfront costs,” he added.