A new report suggests that the Prime Central London (PCL) property market ended last year on a high, with a flurry of transactions recorded in the fourth quarter (Q4).
According to investment firm JLL’s PCL report, the volume of transactions in Q4 increased by more than a third (36 per cent) over figures recorded in Q3.
JLL has said that the sudden surge reflects a sharp rise in demand from both domestic and overseas buyers – perhaps spurred on by a fall in PCL property values, which fell by 0.1 per cent in Q4.
However, their report also notes that the final quarter of 2016 was the first quarter in the year that prices in the sub £2m market did not experience a fall.
Commenting on the report, Richard Barber, of JLL, said: “Q4 saw a marked upturn in transactional volume throughout Prime Central London with some notable high value sales.
“Much of this activity can be accounted for by the weakness of sterling and stronger post-referendum sentiment.
“Whilst this is encouraging going forward, the market will still be mindful of potential external influences such as the road towards a hard Brexit during the course of 2017.
“Nevertheless, both prime central London demand and sentiment now appear to be stronger,” he said.