Countrywide Group data is showing the impending instability in the Prime Central London housing market. This area is often in the headlines due to high fees through the sales of multi- million pound properties.
Countrywide’s research has revealed to Development Magazine Estates Gazette, that around 5,500 homes and 500 new-builds were sold in Prime Central London this year.
Head of residential research at Countrywide, Johnny Morris said “By comparison the mid-market across Greater London – priced £500,000 to £1m – had 25,000 sales including 2,500 new homes, which is 28 per cent of the UK market in both instances”.
He continues “PCL is now increasingly volatile, It is vulnerable to currency fluctuations, international political concerns and the risk of over-supply with massive schemes like Nine Elms [ultimately delivering 18,000 homes] and Earls Court [7,583 homes] all on stream.”
He believes this is why some high-end developers who previously focused on prime areas were now considering elsewhere.