By Andrew Batt:
Fewer prime properties were sold in London in April compared to March, but at significantly higher prices, according to the Land Registry’s latest figures.
The entry value to London’s prime top two percent of the property market rose by 34 percent to £2 million (S$3.99 million) in April, whilst the entry value to the top two percent across the U.K. stayed constant at £625,000 (S$1.24 million).
Tracking the highest-priced two percent of monthly registrations by volume at the Land Registry, we can see that in London, significantly fewer properties were sold at the top-end of the market in April compared to March, but those that did sell went at a far higher price.
The number of properties in London’s prime top two percent fell by 39 percent, from 171 transactions in March to 105 in April, but the entry value rose from £1.495 million (S$2.98 million) to an even £2 million (S$3.99 million). The super-prime top 0.1 percent of the London market saw five properties sell for more than £11 million (S$21.95 million).
The most expensive house sold during April was 20 The Boltons in Chelsea, selling for £54.959 million (S$109.63 million).
Across the U.K. (excluding London), the number of transactions in the top two percent rose by 7.7 percent to 1,109, whilst the entry value stayed at £625,000 (S$1.25 million) – the same level as in March. The super-prime 0.1 percent of the market saw four more transactions last month, with 51 sales valued above £1.985 million (S$3.96 million) in April compared to 47 transactions valued above £1.75 million (S$3.49 million) in March.
Land Registry figures do not include properties acquired by companies or via investment vehicles.
Source: www.primeresi.com
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