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Prime Central London prices rise despite falling volumes

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.