Prime London property prices up by as much as 114 per cent, according to new research

Research by debt advisory specialists Henry Dannell has revealed that prime London property prices are starting to return to the capital’s top tier, with some postcodes seeing average sale prices climb by as much as 114 per cent.

However, not everywhere has fared so well with some postcodes seeing a reduction in average sale prices of up to -71 per cent.

Henry Dannell analysed sold price data for prime London property sales above £2m across 51 of the capital’s most prestigious property postcodes. The research shows that London’s high-end homes commanded an average selling price of £3,229,509 in 2021, down when compared to 2020 albeit by a marginal -0.8 per cent.

Nowhere is this trend more apparent than Camden’s WC1A postcode, where the average sold price for £2m+ properties increased by 114 per cent between 2020 and 2021. The borough’s southern tip is also home to the second largest increase, with the WC1N postcode seeing the average sold price increase by 55 per cent on an annual basis.

Westminster’s W1W (35 per cent) and SW1H (34 per cent) postcodes have enjoyed the next largest uplift in prime London sold prices, with the SW5 postcode in Kensington and Chelsea (28 per cent) and the SW1P (26 per cent) postcode, again in Westminster, also seeing increases of over 25 per cent.

A further 25 prime London postcodes have seen positive movement where the average sold price for homes at £2m or above is concerned, however, the same can’t be said for the entirety of the capital’s top tier market.

Director of Henry Dannell, Geoff Garrett, commented: “There’s certainly a renewed sense of confidence across prime central London and early indicators suggest that 2022 should be a very positive year for this segment of the market, with an uplift in foreign buyer demand likely to be the most significant influence behind an anticipated revival in both transaction levels and sold prices.

“That said, we’ve already seen the foundations of this market revival being laid in 2021, with the majority of postcodes registering an increase in sold price values, some doing so quite significantly.”

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