The latest data snapshot of the prime central London property market from LonRes, which includes Marylebone, Mayfair, Hyde Park and Regent’s Park, for the last three months makes interesting reading. Overall prices are up 3.5% annually with average flat prices now 4.6% higher than they were five years ago with buyers paying £64 more per square foot. Average prices per square foot have increased by 6% for flats over the last year and decreased by 0.4% for houses. Almost 20% of properties have sold within three months achieving an average price of £1,736,312 for flats and £4,333,449 for houses. Almost 40% of properties are priced at £1 million or higher, 13% in the £5 million plus bracket.
The rental market remains strong with rental values averaging £984 per week for flats and £2,403 per week for houses over the last three months. Achieved rental values rose by 10% compared to the same period last year and rose by 4.2% from April to June 2023 with 31.2% more properties available to let. While over a quarter have asking prices of £2,000 or more per week, around 22% of flats and 24% of houses have seen a reduction in asking rents since they were first put on the market.
