Central South West and Central North West London have witnessed the highest growth in the capital recording average price rises of 2.5% and 1.5% respectively. However, while supply levels across Prime Central London are significantly down, leading to a drop in registrations, anecdotal evidence suggests that real demand levels are significantly higher as potential buyers only rush to register once they see a suitable property come to market.
James Hyman, Partner for Residential Sales at Cluttons, said:
“The incentive to buy in Central London remains strong with homes that come to the market in Prime areas generating immediate interest and usually selling for well above listed values as long as they are correctly priced in the first instance. However, loan-to-value ratios and stamp duty thresholds remain a critical deciding factor for mortgage borrowers from the lower end of the market at around £500,000 up to the £2 million price brackets.
”December is proving to be strong month with buyers willing to tie up deals by the end of this year in anticipation of further price growth in Prime Central London in the first quarter of 2012.”
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