‘A tale of three cities’: London’s property market movements by price bracket, 2014-2018

Thursday, June 13th, 2019

London’s property market is “a tale of three cities”, according to some number-crunching by start-up prime property portal Vyomm, with different price brackets posting very different performances over the past few years.

It turns out that average super-prime(£10m+) prices actually increased by 19% over the last four years (Land Registry Price Paid data, 2014-2018), while values in the £1m-£10m bracket decreased by 5.3%. The average price of a London property selling for under £1m increased by 16.5% in the same period.

But transaction volumes tell a different story. The number of £10m+ deals fell by 17.2% from 2014 to 2018, and the number of sub-£1m deals tanked by 20.5%. Transaction volumes in the middle ground (£1m–£10m), meanwhile, dipped by just 1.9% over the four years.

Utsav Goenka, Founder of Vyomm.com: “Glass half full or glass half empty? That all depends on which part of the market you sit and whether you judge a good market on volume or on price? By far the happiest scenario in the capital as far as the latter is concerned is the super-prime market where average prices rose by 19% from £15.7m to £18.7m across an average of 111 transactions per annum.

“Deep pockets are certainly alive and well in Mayfair, Chelsea and Belgravia and buyer activity is brisk currently. Super-prime London will always be one of the most desirable landscapes in which the wealthy and discerning wish to invest.”
written by Utsav Goenka, on 6/13/2019.

Featured articles