The pace of house prices growth in the most expensive areas of London is at its fastest pace in nearly seven years, as the luxury market shows signs of recovery. He says that prices are now recovering after a seven year period of tax changes, political uncertainty, and a slowdown caused by the pandemic. Bill says that prices are rising in prime central London due to the tentative return of overseas buyers. He warns that international buyers may not be as strong as they were before the pandemic. “READ MOREThe GBP3bn renovation of King’s Cross: Last new apartments to be sold 12 years after the first block was launched.Two stucco mansions located in Regent’s Park are up for sale ‘as a shell’ on a GBP80m terrace. Renting in London: Tenants face record rents as the cost-of-living crisis bites. House prices rise in luxury and leafy suburbs of London. It was the 11th consecutive month with an increase in annual prices. This is a reflection of “the continued appetite to space and greenery” says Tom Bill, Knight Frank’s head of research. There is a clear pattern of buyers moving further away from the center to find more space. However, many are prioritising location again. According to Knight Frank research, the best performing areas in terms of annual price growth were Wandsworth (9.6%), Wimbledon (8.6%), Richmond (8.3%) and Dulwich (6.4%), Islington (5.8%) and Bayswater (5.2%). There are early signs that demand continues to outstrip supply. Prospective vendors are reluctant to let strangers walk around their homes during a pandemic. They also fear the uncertainty that comes with rising interest rates, inflationary pressures, and rising fuel costs. Lewin Craig Corbett, Clapham South sales manager and Balham for Marsh & Parsons’ sales manager, says that some sellers aren’t putting their homes up for sale because they haven’t found what they want yet. This is creating a vicious circle and a shortage of stock. Any slight increase in supply will be swallowed up quickly by the soaring demand. In February, the number of sales orders was 1.1% lower than the five-year average. However, the number of potential buyers who registered in January in London was the highest for 20 years. Although the February figure fell slightly, it was still 68% higher than the five-year average.
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