Mortgage

London home prices rose 7.4% in Q2 – Mortgage strategy rose 7.4%

Coutts Real Estate found that London’s more than one million pound homes rose 7.4% last quarter, valued 2.3% higher than last year’s period.

This puts these prices only 4.1% below their market peak, according to the latest data from London’s major residential markets.

The uplift is driven primarily by outside regions such as Hammersmith & Chiswick, Wimbledon, Richmond and Putney & Barnes.

Growth in these regions is supported by steady employment, rising wages and confidence that interest rates will fall in the coming months.
Inner mass positions such as Kensington, Notting Hill and St. John’s wood also saw price increases.

However, high-end real estate prices in central London’s postal code continue to lag behind. Prices for Cavaliers Bridge and Belgraf are still below 20% of the peak, while prices for Chelsea are down 17.2%.
Despite the rising value of homes, many buyers are still negotiating huge discounts.

More than a third (38.3%) of homes in brackets above million pounds lowered prices, while 77% of properties were at a lower price than the seller initially wanted. Currently, the average discount for major properties is currently 8.7%, with the Super Total Advantage level rising to 19.5% (over £10m).

The central region has the highest cuts, with Mayfair & St James’ average discount of 17.7% and Knightsbridge & Belgravia’s discount of 12.5%.
In contrast, the decline in the exoplasmic market is much smaller – Battersea, Clapham and Wandsworth are only 2.1%, while Wimbledon and its surrounding areas are 4.5%.

“The market was once again a good review for the quarter. Prices were high, discounts were low in the exogenous market, and the central region still offers value opportunities.”

However, sales activities remain soft. Transactions fell 15.5% year-on-year, with the lowest number of lower underground properties since 2021 in the second quarter. Meanwhile, supply is growing, with the new list growing by 40% from the 10-year average.
Super Prime sales shocked the trend, and the remaining trend remained above average, led by Knightsbridge, Belgravia and Mayfair.

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