Optimal Central London Housing Demands falls to the Lowest ever recorded
eMoov.co.uk, the leading online estate agent, recently revealed their research into the demand for housing at the heart of the capital for £1m+. The results show one month down the line from April’s stamp duty changes, the demand for housing in London’s luxury postcodes has diminished , and momentarily at an all-time low since the data started being collected over twelve months ago.
eMoov’s optimal Central London Property Index analyses the variation in supply and demand of properties costing over £1m across the capitals respected locations, by keeping up to date on the ratio of properties sold to houses up for sale.
These results clearly suggest that the mean PCL property demand is 10%, after being reduced by 23% since the previous analysis, before the supplementary 3% levy to stamp duty for second homes and properties under the buy to let initiative that was instated on the 1st of April
With the stamp duty deadline looming eMoov suggest that the urgency needed to complete has revitalised the capitals exclusive market, with the PCL demand turning itself around and finally improving since last May. Although it seems this sudden spike was brief, one month till stamp duty deadline day, the demand has once again hit rock bottom.
The only location within central London where the market has continued the upwards trend of demand growing. Fitzrovia is the lone destination where the demand for houses has stayed the same and not decreased since March although the increase was only 14%. Every year this area is accompanied by Belsize Park, Maida Vale, Primrose Hill, Holland Park and Marylebone being the minute few destinations to maintain a positive shift in property demand since May 2015.
Research suggests that Islington has the highest demand momentarily with the demand percentage recorded at 21%. Belsize Park (19%), Chiswick (18%), Maida Vale (16%) and Notting Hill (12%) finalise the most recent top five PCL property demand. At the other end of the spectrum, the outlook is rather disturbing. At 4% St Johns Wood and Mayfair have recently taken a turn for the worst out of the main central London spots with the lowest demand levels ever recorded.