London: Where Is Hot and Where Is Not (Dec 1, 2016)
As “Prime London” Prices Fall “New London” Continues to Rise
Land Registry data is the most accurate. It is usually 2 months “behind” the market and confirms “trend.”
Good quality agent data in PLC is a much more accurate picture of what is actually happening on the ground today (see chart above).
Bottom line: Prime Central London prices are falling steeply now.
The most recent Land Registry data (Sept 2016) shows the continuing slowdown in Prime Central London (PCL) with notably prices falling in Kensington & Chelsea (includes Notting Hill), the City of Westminster (includes Knightsbridge and Mayfair) and Camden (which includes Hampstead and Highgate). Writing as of December 1st, the decline in prices is actually much steeper than this most recently available Land Registry data shows.
“New London” boroughs in contrast have shown excellent growth in such locations as “Barking & Dagenham” (+19.3%) and “Newham” (+20.3%). They maybe slowing down a bit now, but still represents very good locations for investment and affordable housing for many younger working Londoners.
And don’t forget the impact that Crossrail will still have on “New London” ahead.