Knight Frank have released their Prime Central London (PCL) sales and lettings indices.
Highlights of the reports are:
- The number of offers made in Prime Central London (PCL) in the first three months of this year was the highest in more than ten years, while the number of new buyers was the highest figure for Q1 since 2014.
- Exchanges rose 6% between January and April, versus last year.
- At the top-end of the market, price adjustments are having a recognisable effect on trading activity, where the number of deals in London above £20 million last year was the highest in four years.
- The amount of tenancies agreed and number of new prospective tenants registering in Q1 this year was the highest in five years in PCL and POL. And whilst pent-up demand has built in the sales market in recent months, Brexit-related uncertainty early this year has also boosted rental demand.
- As with the top-end sales market, the high-value lettings market has also experienced an increase in activity, credit to the backdrop of political uncertainty.
- For this reason, the number of tenancies agreed for properties rented out at more than £5,00 per week in PCL and POL in Q1 2019 was 31, the highest number on record for the three months of the year.