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Homes sold for £2million or more over the last three months in prime London areas have seen prices r

Demand for properties priced at over £2million increasing

By Maurice Shasha  //  Mon 4th June 2018
Homes sold over the last three months in prime London areas have seen prices rise by 3.2% when compared with the same period last year, and this applies to properties priced at £2million or more, according to data from LonRes.
Homes sold over the last three months in prime London areas have seen prices rise by 3.2% when compared with the same period last year. This applies to properties priced at £2million or more.

According to data from LonRes, a reversal has taken place. Now, properties priced in excess of £2million are seeing price growth, while by contrast, homes sold for under £2million during the last three months have seen price falls of 5.8% on average.

This is good news for vendors at the higher end of the market, and shows that demand for such properties remains, especially in London's prime areas, such as Mayfair and Belgravia.

Head of Research at LonRes, Marcus Dixon, said: "Demand for these properties [priced above £2million] appears to be increasing, prices having fallen earlier and buyers, many of whom are owner-occupiers, have begun to see value, even with Brexit uncertainty still looming."

As demand continues in London's prime areas, property prices remain robust, especially for properties priced in the higher price bracket.

However, overall house prices fell by an average 3% in prime London when compared with the same period last year, but the number of transactions has increased by 3% this year when compared with last year.

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