The City of Westminster, Camden, and Kensington and Chelsea are capital’s three most expensive boroughs. According to a report from LSL Acadata published Monday, These three boroughs each saw sales jump by more than 20 percent in the third quarter.
This surge indicates that “momentum is returning” to prime central London after a year of tumbling property prices.
Acadata’s Peter Williams and John Tindale said “Movement at the top end of the market helps to increase activity all the way down the housing chain,”
The report may also be a cause for optimism nationally. While November’s 0.9 percent annual gain in prices was the slowest since April 2012, and down from 6.3 percent a year ago, they increased from the previous month for the first time since March.The signs of improvement buck a trend of pessimistic reports on housing, particularly regarding London.
In the RICS survey, brokers flagged a range of reasons for the stagnation, including Brexit uncertainty, political instability and November’s interest-rate increase from the Bank of England.
Even in Acadata’s report, the picture isn’t entirely rosy. Prices in the Greater London area were down 3 percent from a year ago in October, with the City of Westminster leading losses with an 18.2 percent drop. London’s market also remains a drag on the UK.
The annual change in prices reported this month would have been 3.3 percent without the capital and the southeast.