After a slow start in January, homes in the £5m+ price bracket recorded 13.8% more sales than a year ago, according to LonRes’s latest analysis of the prime London property market. New instructions for these homes rose by 30%, and stock on the market saw an increase of 21.1% over the 12 months to the end of February.
Overall, there is more choice for buyers as we head into spring, with stock across prime London 11.6% higher at the end of January than a year earlier.
The average price per sq ft ten years ago in Prime Central London was £1,803, compared to £1,645 in February, which represents an -8.8% change. However, in the overall prime market, there has been a rise of +1.8%, from £1,202 in 2015 to £1,224 today.
