Data on Monday revealed prime London properties where buyer activity remained “solid”.
The findings come against the backdrop of a widespread freeze in the property market amid an uncertain political climate as countries prepare to leave the European Union.
London lettings and estate agents Benham and Reeves looked at property sales in the £3m to £10m range and property sales over £10m over the past year.
The findings revealed the capital’s popular luxury streets and how much homebuyers are paying to live there.
According to the data, Prime Market had a total of 917 sales across the city, with an average payment of £4.5m and a total turnover of £4.1bn.
Blackfriars Road in Southwark is the most popular prime market area, with 51 properties selling for a total of £227.5m last year.
Bishops Avenue and Chiltern Street both came in second place with 13 sales.
Regarding London’s super prime market, there were a total of 79 sales in the past year, with an average sales value of £17.2 million each. In total, properties sold on this market are worth £1.4 billion.
“Continued political and economic uncertainty caused by a prolonged exit from the European Union is impacting on buyer sentiment across the London luxury market, and this sense of caution has led to a decline in trading. Commenting on the data, Anita Mehra, Managing Director at Benham & Reeves, said:
“However, the fact that there were six sales transactions in excess of £10 million on just one street shows that, despite these difficult conditions, London remains one of the most desirable markets in the world. This is proof,” Anita Mehra continued.
“In addition to this, while it seems like the bottom of the market has appeared in recent months, there has already been a noticeable increase in buyer and seller activity, which is already stimulating the prime and super prime markets. .”
