Prime Rise

Prices in Prime Central London surprisingly rose in 2019 despite volumes dropping off, London Central Portfolio’s (LCP) residential index found.

There were annual price increases of 6.4% for existing stock and 0.9% for new build, bringing them to £1.919m and £3m.

However sales volumes fell by a dramatic 55% for new builds and 5.1% for existing stock, with 270 new build sales and 3,243 for existing stock.

The average price was dragged up by the sales of high-value properties, as sales in the top decile rose from £7m to £14.7m over the quarter.

Savills reported that December saw the highest number of £5m + sales since 2014, backing up this trend.

The typical cost of existing stock, £1.919m, is the highest average price recorded.