Central London apartments up 1.2% q-o-q in 3Q; robust buying activity from foreign investors

prices

A surge in demand from overseas buyers is already making its mark on the London housing market, according to the latest residential market report by property buying agent London Central Portfolio (LCP). The data gathered shows that the increased buying activity is primarily being driven by those from Asia and the Middle East.

Domestic demand for properties, however, in Greater London, England and Wales, continues to be weighed down by issues such as higher mortgage and inflation rates. A rise in the number of domestic sellers has also been seen as their fixed-term mortgages come up for renewal.

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LCP managing director Liam Monaghan stated that it is an ideal climate for cash buyers to invest as the autumn market has seen a higher-than-usual volume of properties on the market.

Meanwhile, Prime Central London (PCL) continues to show a positive trend with prices rising ahead of other parts of the UK, although PCL is still 8% off the peak it saw in 2015.

It appears that the market is entering a ‘seasonably busy period in Autumn’. With the return of overseas visitors to London and the UK school term now in full flow, popular neighbourhoods, such as Knightsbridge, South Kensington and Belgravia, have seen a steady growth in prices, registering at 2.1%, 1.9% and 1.8% respectively. In contrast, two central London neighbourhoods saw a decrease in prices, with Kensington and Bayswater slipping by 0.3% and 0.6% y-o-y respectively.

LCP believes that a move back to the city is a major factor in the positive change being seen in PCL flats and apartments. With increasing demand for competitively priced homes, bidding wars could drive prices even higher in the fourth quarter of 2023 and the first quarter of 2024.