Property prices in prime property markets are continuing to fall on an annual basis but there is stability with values hardly changed on a quarterly and monthly basis, the latest analysis shows.
In the prime central London market prices were down just 0.3% in April and just 0.8% quarter on quarter. But they are still 5% below April 2018, according to the report from real estate firm Knight Frank.
In the prime outer London market prices were unchanged on a monthly basis, down 0.2% quarter on quarter but still 4.3% below where they were a year ago, the data also shows.
There are other positive signs for the prime markets. For example, the number of exchanges above £2 million rose by 1% in the year to April compared to the previous 12 month period.
In central London exchanges rose by 7% in the year to April, while the increase in North London was 17% and viewings have risen for properties valued over £2 million, where there were 3% more viewings in the first quarter of this year than the same period last year and the first increase since 2017.
The report also highlights that the number of offers made by buyers has risen by more than a quarter since last year. Comparatively, over the same period, the number of new properties listed for sale has fallen by over a third, underlining the relatively advantageous position for active vendors, should the current political uncertainty recede.
The number of exchanges above £2 million rose by 1% in the year to April compared to the previous 12 month period. There was a 9% decline across all price brackets, which, the report suggests, underlines how pent-up demand in higher value markets is being released to a greater extent following stamp duty related price adjustments.
Indeed, this same trend is borne out by the fact that transaction volumes across all price brackets are rising to a greater extent in higher value areas of the capital.
The number of new properties listed for sale has fallen by over a third, underlining the relatively advantageous position for active vendors, particularly should the current political uncertainty recede, the report adds.
