• Home >
  • UK property >
  • Central London house prices fall but buyers increase
Twitter Facebook RSS FEEDS

Central London house prices fall but buyers increase

Thursday, 2 April 2009 12:33 PM

House prices for prime residential property in central London fell by a further 1.6 per cent in March, although the price falls have slowed.

The Knight Frank Prime Central London Index, released today, also recorded the number of properties exchanging during March were 13 per cent higher than February, and 26 per cent higher than March 2008.

Viewing levels had increased by 38 per cent in March, year on year, but the number of new properties coming to the market for the month had fallen by 42 per cent year on year.

The research also found how the rate of price falls had slowed sharply in recent months, with prices down only 6.7 per cent in the first quarter of 2009, compared to 9.4 per cent in the final quarter of 2008.

Liam Bailey, head of residential research at Knight Frank, said: "Prices are still falling across central London, however the evidence is mounting that not only is the rate of decline slowing appreciably, from monthly falls approaching 4 per cent before Christmas to 1.5 per cent and 1.6 per cent in February and March, but also activity in the market has increased noticeably in the last two months.

"The pipeline of new properties which we expect to see coming to the market in April is down 60 per cent over the same period.

"The strongest local market in central London at the current time is Mayfair, where prices appear to have bottomed out in January - prices fell a marginal -0.3 per cent here in March. Mayfair has been a particular beneficiary of the weakness of sterling, with foreign buyers comprising almost 60 per cent of the market."

Richard Cutt, head of Knight Frank Mayfair, added: "The super prime London markets are supply driven and this is particularly the case in Mayfair.

"This has meant that good quality properties in the area have faired well in the recent financial storm and we are now seeing similar levels being achieved on successive sales demonstrating that we are at or very close to the bottom."

Related stories

Houses in London

Foreign buyers boost central London house prices

London's prime residential property market has grown thanks to increased investment from Middle Eastern and Russian buyers.

 Concern over Italy's perilous financial position has encouraged many Italians to invest overseas. Image:Thinkstock

Italians are top prime central London buyers

Overseas demand set to underpin rise in prices of high-end property, says Knight Frank.

Once again, only London bucked the trends. Image:Thinkstock

Only London bucks April house price fall

Recovery expected over next 12 months but north-south divide narrowing, finds Knight Frank/Markit.

 Central London

Central London property boosted by eurozone

House prices in the capital have experienced an increase driven by buyers from the eurozone, Knight Frank claims.
There aren't many cheap walkable commutes near the Houses of Parliament. Image:Liquid Library

Central London property price boom continues

Central London continues to enjoy immunity from the difficulties across the property market according to quarterly Land Registry figures released today.

 New consumer sentiment index says expectations of house price growth over next 12 months at highest level for over a year. Image: Thinkstock

House prices fall again but expectations higher

New consumer sentiment index says expectations of house price growth over next 12 months at highest level for over a year.

Eurozone crisis and weak pound help drive top London property prices up by £1,100 a day. Image:Thinkstock

Prime central London property prices surge again

Eurozone crisis and weak pound help drive top London property prices up by £1,100 a day.

Market activity in central London prime market 'set to increase'

Market activity in central London prime market 'set to increase'

Investors who left the market during election uncertainty are beginning to return to London commercial property.
Like London, Singapore raised stamp duty levels without ill-effect. Image:Thinkstock

First fall in global city house prices since 2009

Economic problems turn prime property prices negative but Knight Frank says new deflationary cycle unlikely.

Price increases were strongest for homes in the £1m to £2.5m bracket. Image:Thinkstock

No slowdown in prime central London market

Prices up 11.9 per cent in last 12 months and 42 per cent since post-Lehman Brothers low, says Knight Frank.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.