House prices in prime central London have risen for the first time since 2023, new data from LonRes shows. Throughout 2024, property prices in the capital’s most expensive areas dropped. In Kensington and Chelsea, for example, property values fell more than anywhere else in the country , with 72 per cent of homes experiencing a price drop and an average reduction of £44,300, according to Zoopla.
This, commentators believe, was due to a combination of global and national uncertainties, high buying costs and a general air of caution. However, LonRes’ data shows that in February, house prices in prime central London achieved their first annual increase (0.6 per cent) on the previous year.
Prices, though, were still down by 1.2 per cent on the pre-pandemic average (2017-2019). Sales of homes priced over £5 million are up Crucially, LonRes’ data points to a big jump in activity for prime central London homes valued at £5 million or above.
In February, there were 13.8 per cent more transactions at this price point than February of the previous year, and 33 per cent more than the pre-pandemic average. More sellers in prime central London were putting their homes on the market too, with new instructions up by 30 per cent on February 2024.
This is more than double the level of the pre-pandemic average. Predictably, this means that there are also more prime properties on the market. At the end of February, there were 21.
1 per cent more homes valued at £5 million or more for s.
