In its latest research on the London Midtown Residential Property Market, real estate firm CBRE has reported a 19 percent increase in price per sq ft from Q1 2013, with 63 percent of new build property purchased by domestic buyers across the area.
As U.K. buyers continued to invest in the capital’s most well-known locations, CBRE revealed that domestic purchasers accounted for 56 percent of total sales during the first quarter of 2014.
Less than 4 percent of purchasers in the area cited their origin as being from the Asia-Pacific region.
CBRE also reported a sustained demand for the local lettings market, which enjoyed a positive uplift in rental values along with a 22 percent reduction in void periods: from 49 days in Q1, 2013 to 38 days in Q1, 2014.
Ana Hutchinson, Residential Director at CBRE, said: “Throughout the first quarter, this iconic location has continued to attract investment from a U.K. audience. Interestingly, a fifth of sales achieved were to purchasers in the financial sector, with a further 14 percent going to investors.
“During the first three months, CBRE transacted more than £45 million worth of property, amounting to £500,000 per day. Within this total, the team also saw a pronounced demand for prime property, with almost 50 percent of sales over £2 million.
“Going forward, CBRE expects continued price growth for the Midtown area throughout the second quarter, as a moderate level of stock relative to current demand renews the level of competition for those high quality apartments on offer. Similarly, we also expect a price growth in rental properties in this market, with a further reduction in void periods.”
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Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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