Property Prices: ‘Best Value’ Found In Mayfair & Royal Borough
New research has been released by Coutts, which highlights where property prices in London have reached new heights. Which districts come out on top? And which areas offer the best value? Scroll on to find out more….
1. Best Value in Knightsbridge & Belgravia, Mayfair & St James’s
For those seeking the best value, Coutts points to Knightsbridge, Belgravia, Mayfair and St James’s. These prime London districts trade more than 20% lower than their peak levels, showcasing the strength of the deals available.
2. Property Prices in Wimbledon, Richmond, Putney & Barnes
In the serene south-west enclaves of Wimbledon, Richmond, Putney and Barnes, prices have soared, with per square foot values reaching an all-time high of £985 in Q4 2023, a significant rise from the previous peak of £934 in Q1 2022. This marks these areas as the only ones where prices have surpassed their previous peaks.
3. Annual Trends Across London
Wimbledon, Richmond, Putney and Barnes lead the annual increases with a commendable 14.1% rise, while Hammersmith and Chiswick properties become 7.3% more expensive. On the flip side, King’s Cross & Islington and South Kensington witness the largest price drops at -17.1% and -12.1%, respectively.
4. Market Dynamics and Trends
In 2023, 80% of prime London properties were sold at a discount, with an average discount per property at -8.3%, the highest level in three years. However, 2023 marks a -17.2% drop in property sales compared to the previous year, the largest annual fall in over ten years. Key factors include rising interest rates and high inflation, coupled with vendor reluctance to sell without obtaining their desired price.
5. Shift in Buyer Behavior: Cash Dominance and Buying Agents
A notable shift in 2023 is the increase in cash buyers for London properties, driven by reluctance to take out loans amid high and unstable interest rates. This trend is expected to persist, with a potential surge in transaction volumes as interest rates decline in the coming months. Additionally, the usage of buying agents has risen as clients seek access to off-market properties and expert assistance in price negotiations, considering the attractive discounts available in the market.
As always, at Bold & Reeves we’re always on hand to support your property journey. Whether you’re looking to move, rent or expand your property portfolio, our expert property management can help. Our aim is to bring about the biggest return on investment.
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