London’s Luxury Property Market Turns a Corner
After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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The team behind one of Australia’s biggest property sites is now enjoying rapid growth with a new portal offering unique insights
A new property portal providing an overview of all properties — for sale or not — is proving a hit with buyers.
February data from market research analyst IPSOS shows that View.com.au is now Australia’s fastest growing residential property portal with 102 percent growth in unique audience since October last year. The rapid rise means it is now challenging longstanding property portal, Domain.com.au, for second position behind realestate.com.au, which remains the most popular property website in the country.
View.com.au is headed up by seven former Domain executives, including former Domain CEO Anthony Catalano. The team were responsible for growing Domain to a $2.2 billion listing on the ASX.
Chief marketing officer for View.com.au, Paul Tyrell said the audience growth for the relatively new portal was ‘fantastic’.
“Our consumer proposition is unique and features over 136,000 properties for sale, however it offers a complete view of the market with access to nearly 11 million properties Australia wide, with buyers able to express interest in properties even if they’re not for sale,” Mr Tyrell said. “All delivered by best in class mapping from Nearmap.
“To be the fastest growing property portal in the country is a testament to the hard work of the team and a clear demonstration of the need for a competitive alternative in the property portal space.”
Mr Catalano said View.com.au offered a genuine alternative for agents.
“We can make it free or keep prices low because VMG’s business model is not predicated on listings revenue, where the only option is annual price increases,” he said. “We’re creating a true property ecosystem that caters to all steps along the property journey. View will soon bring finance propositions to market with our banking partner ANZ.”
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This stylish family home combines a classic palette and finishes with a flexible floorplan