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Central London avoiding property price slowdown

Tuesday, 4 December 2007 12:00 AM

The prime central London property market is unaffected by the present slowdown in the wider housing market.

That is according to analysis from central London estate agent E. A. Shaw, which finds activity has remained constant over recent months.

"Despite ongoing predictions of doom and gloom, our sales market has been very strong this year and we have seen an increase of more than 11 per cent throughout the past six months," said Caroline Slocombe, sales manager at E. A. Shaw.

"There is an acute lack of supply in Central London and as a result, even if a proportion of the demand drops slightly, demand will still outstrip supply."

The situation is likely to continue into next year, according to the estate agent.

"I expect the lower end of the central London market - studios and one-bedrooms between £300,000 and £450,000 - will thrive next year, with prices continuing to increase albeit slower than this year's increase," continued Ms Slocombe.

"Penthouse sales in 2007 were astounding; however, we anticipate a price correction within the penthouse market as there are fewer purchasers and investors at this level," she added.

The letting market has also seen a strong year, with rental prices reaching around £500 a week for contemporary one-bedroom apartments in central London.

"2007 has been a very successful year for lettings and the market has been very strong. Rents have continued to increase throughout the year and we have seen a rise of approximately 15 per cent," said Ms Slocombe.

The future also looks bright in this sector.

"I predict that in 2008 rents will continue on an upward trend, increasing by a further ten to 15 per cent with the greatest increases on studios and one-bedrooms as this is where demand is highest.

"With the recent credit crunch, many purchasers may choose to rent for six to 12 months as they wait and see what happens with the sales market," concluded Ms Slocombe.

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