Central London’s real estate market continued to recover from a three-year slump last month, with properties valued between $6.5 million to $13 million leading the charge.
The price index for properties in this sector (£5 million and £10 million) dropped 3.7 percent from last year, while there was a 5.4 percent decrease in the overall market, according to Knight Frank’s Prime Central London Sales Index for August.
“The primary driver for the market uptick is that vendors are more flexible on asking prices,” said Knight Frank’s Tom Bill, author of the report, according to Mansion Global. “Of course, favorable currency exchange also plays a secondary role.”
The price index for ultra luxury properties (those costing $13 million or more) fell 4.8 percent year-over-year, marking the slowest pace of price contraction in this sector reported since November 2016, according to Mansion Global. Meanwhile, properties in the $1.3 million to $1.6 million range (£1 million to £2 million) saw a 6.7 percent decrease.
Sales overall increased 5 percent in the first seven months of 2017, compared to the same period last year. [Mansion Global] — Kathryn Brenzel