Central London has maintained its consistent performance as far as the real estate market is concerned. In spite of a prolonged slump across several micro markets in London, this zone is defying this standstill with good demand for properties across various segments. There are definitive signs of a fast recovery in some of the costliest districts in London. Due to steady demand, these prices have gone up by close to 2.4% this month as compared to September 2018. The average price currently stands at £625,064 or roughly S$1.1 million in Central London. Overall for Britain, housing values increased by 1% in comparison.
This increase in prices is backed by demand which is also somewhat seasonal as per experts. However, things should pick up soon going by signs of increasing appetite for real estate in case of global investors and recovery in the domestic market. A boom in property markets for more than 3 decades has led to property prices going into strictly unaffordable territory across a large chunk of London. However, prices had weakened a little due to the overall uncertainty over Brexit and other tax regulations.
Home prices in the United Kingdom went up by 0.9% on the annual basis to stand at £307,245 on an average. However, taken on this basis, prices in London have come down by 1.1% which is nominal. Central London, in comparison, is witnessing a steady increase in prices and this points at growing demand for homes in this region. Going forward, more people are expected to purchase homes in Central London based on emerging trends.