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Prime Central London prices on the up, report reveals

Property prices in Prime Central London have risen by 0.7 per cent quarter-on-quarter, a new report reveals.

The findings, which come from the latest residential property report commissioned by JLL, represent the first quarterly rise in values since the third quarter of 2014, the real estate firm has said.

Its report reveals that property prices in the £2m to £5m market rose by 0.8 per cent between Q4 of 2016 and Q1 of this year, while values in the £5m to £10m market were up by 0.1 per cent.

However, London properties valued at £10m or more continued to fall, while prices in the sub-£2m sector grew by just 1.8 per cent.

Despite this, JLL has been keen to point out that the sub-£2m market has enjoyed sustained growth throughout the past two years – predominantly due to the lesser impact of recent Stamp Duty Land Tax (SDLT) reforms in this cross-section of the market.

Richard Barber, director of sales at JLL, said: “We are encouraged by the activity we have witnessed throughout the first quarter.

However, he added: “Transactional volumes remain relatively subdued, though, particularly at the top end of the market”.

JLL’s data revealed that sales fell by 17 per cent quarter-on-quarter, and were down by as much as 44 per cent year-on-year.

Commentators have again blamed SDLT reforms for the slump in sales, but JLL’s report reveals that “sentiment is certainly improving”.

“Provided the after effects of Article 50 are not too dramatic, we expect to see a steadily improving outlook over 2017, especially once the general election is over,” Mr Barber said.

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