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Luxury London prices see rapid increases in Q4 2019

Prime London property prices rose by 4.8% in the fourth quarter of 2019, taking the annual rate of increase to 5.3%, the Coutts London Prime Property Index found.

Demand seems to be on the up, as 10.1% more properties sold in the final quarter of 2019 than the corresponding period in 2018.

However the number of high-end houses on the market fell by 8.9% in the final quarter, bringing the number of prime properties for sale down 11.8% year-on-year.

Katherine O’Shea, from the Coutts Real Estate Investment Service, said: “Historically, the number of properties put up for sale has usually improved in the first quarter of the year, so we would expect more homes to come on to the market over the coming months.

“But the number of buyers is also likely to rise as the political uncertainty of the last few years continues to unwind. This increased demand could push prices higher.”

She added: “The numbers for the last quarter of 2019 could be showing us a distinct change of mood in the luxury property market. It’s been subdued and filled with uncertainty for some time, but we’re now seeing the potential for brighter times ahead.”

New listings have more than halved since a market high in the summer of 2014.

However Coutts suggested it remains a buyers’ market, with prices still lagging the 2014 peak by 11.1%.

What is more, properties in some pockets of London, such as Hammersmith & Chiswick, are selling for 19% less than they were in 2014.