Sold property prices across some of prime London’s most popular neighbourhoods have fallen by as much as 60% so far this year when compared to the same period in 2024, the latest market analysis by prime London property brokerage, Jefferies London, has revealed.
Jefferies London analysed sold price records from the Land Registry, looking at the market values achieved since the start of the year* across six of London’s most sought after prime locations and how this current market performance compares to the same period last year.
The study found that all of the six areas analysed by Jefferies London have seen significant reductions in sold prices, although some have been more significant than others.
No where more so than Mayfair, where the average sold price of homes sold so far this year sits at just £1.5m. Whilst still a significant price tag, that’s a reduction of 60% when compared to the average sold price seen during the same period last year.
Across Chelsea, the average sold price seen so far this year currently sits 47% down year on year, whilst Belgravia (-44%) and Westminster (-28%) have also seen some of the most notable corrections.
Kensington (-21%) and Hampstead (-23%) have been impacted to a lesser extent, although both areas have still seen sold prices fall by around a fifth.
Perhaps more telling, is that of the six prime neighbourhoods analysed by Jefferies London, just two are home to an average sold price north of the £1m mark.
Founder of Jefferies London, Damien Jefferies, commented: “The prime London market is world renowned and so the current slide in sold prices is very much a transactional issue and certainly not one that reflects an actual drop in values.
“In a market that operates very much on a quality over quantity basis, a single transaction can dramatically change the picture. For example, as recently as 2023 we saw notable sales to the tune of £21.5m in Kensington Palace Gardens, £20.4m in Queen Anne’s Gate and £12m on Park Lane, all of which would have a significant impact on overall market values.
“As it stands, we’re simply not seeing these big ticket purchases in the current market and, whilst properties are transacting, they are doing so at the lower tiers of the market.
“That’s not to say that we aren’t seeing strong interest from prime London homebuyers and, as the market continues to settle over the remainder of the year, we expect this interest to start to convert, cultivating sold price values in the process.”
Read the orginal article: https://propertyindustryeye.com/prime-london-property-values-fall-by-as-much-as-60/
