The demand for residential properties in London has been stable with 213 units priced over £1 million being sold in April 2018. This demonstrates the trust of investors, house-buyers and landlords in the London property market, which is renowned worldwide for its strong fundamentals resulting in a healthy return on investment.
HM Land Registry Price Paid Data tracks land and property sales in England and Wales submitted for registration every month. The data reflects the health of the UK property market and specifically that of London, where the demand is always high.
In March 2018, as many as 275 residential properties valued at £1 million were sold and registered in London; in February 2018, the number of properties priced £1 million and above sold was 216. The sales of properties valued £1 million and above in London has not fallen below the 200-number mark in the last three months, indicating stability in the market.
The sales and registration of properties priced around £1 million is likely to maintain the same momentum, as the number of inquiries by home buyers is growing.
In fact, investors are continuing to pick prestigious residential assets on the block in London. The most expensive residential sale taking place in April 2018 was of a detached property in the Royal Borough of Kensington and Chelsea, London for £19,800,000. Likewise, the most expensive residential sale, which took place in March 2018, was of a detached property in the Barnet, Greater London for £15,000,000, according to HM Land Registry Price Paid Data.
HM Land Registry safeguards land and property ownership worth in excess of £4 trillion, including around £1 trillion of mortgages. The Land Register contains more than 25 million titles showing evidence of ownership for some 85 per cent of the land mass of England and Wales.
In April 2018, it received 78,408 sales for registration from England and Wales. Of these, 11,758 were newly built, a 28.2 per cent increase on April 2017. This shows that house-buyers are increasingly opting for new-build homes because of better appreciation in capital values of assets when compared to homes in the secondary market.
There are plenty of new-build homes, especially apartments in London’s emerging business hubs, where the capital values of residential assets are growing consistently. Strawberry Star’s Bronze, located on Buckhold Road in the heart of Wandsworth, one of the most desirous places for living, offers plenty of investment options for buyers. For more information, call our London office.