Westminster Property Market Impacted by Stamp Duty Changes and Brexit, Suffers Decline of 16% in 2016

27. May 2017 12:21 / VInsights Team / Central London / Comments (0)

Story Highlights

  • City of Westminster in 2016 had total property sales of £7.29 billions
  • The total number of property sold in City of Westminster 2016 was 3407
  • The average sales price in City of Westminster was £2.14 millions and the median sales price was £950 K
  • The sales value contributed by New Property was 12.43% where as Not New Property contributed 87.57%
  • Stamp duty changes caused monthly spike ke in March
  • Brexit coupled with Stamp Duty hike caused decline in total sales value of 16.4%

 

 

Total Sales By Property Type
City Of Westminster 2016 - Total Sales By Property Type

 

City of Westminster  is one of the Boroughs of Central London. It had total Property Sales of  £7.29 billions  which was 29.53% of Central London Property Market 2016

The split across the different property types are:

  • Terraced £911 millions (12.49%)
  • Semi-Detached £56 millions (0.77%)
  • Other £2.53 billions (34.66%)
  • Flat/Maisonette £3.7 billions (50.95%)

Year on Year Comparison : Compared to City of Westminster Property Market 2015 in 2016

  • All the property type had lower total sales compared to 2015

 

 

Westminister Property Market at Postcode level

Postcode 

 Coverage Area         

  Local Authority Area
NW1 North Western head district: Marylebone (part), Euston, Regent's Park, Baker Street, Camden Town, Somers Town, Primrose Hill (part) and Lisson Grove (part) Camden, Westminster
NW6  Kilburn district: Kilburn, Brondesbury, West Hampstead, Queen's Park, Kensal Green (part), South Hampstead (south), Swiss Cottage (west) Brent, Camden, Westminster
NW8  St John's Wood district: St John's Wood, Primrose Hill (south), Lisson Grove (north) Westminster, Camden
SW1A  Whitehall and Buckingham Palace  Westminster
SW1E  Between Buckingham Gate and Victoria Station  Westminster
SW1H  East of Buckingham Gate  Westminster
SW1P Triangular area between Victoria Station, the Houses of Parliament, and Vauxhall Bridge  Westminster
SW1V Triangular area between Vauxhall Bridge, Chelsea Bridge, and Victoria Station; Pimlico proper  Westminster
SW1W Belgravia, Chelsea (part), area between Sloane Square and Victoria Station, south of Kings Road Kensington and Chelsea, Westminster
SW1X  Belgravia, north of Eaton Square, Knightsbridge (part), Chelsea (part) Kensington and Chelsea, Westminster
SW1Y  St James's Westminster
SW7  South Kensington, Knightsbridge (part) Kensington and Chelsea, Westminster
W10  North Kensington, Kensal Town, Ladbroke Grove (north), Queen's Park (part) Kensington and Chelsea, Westminster, Hammersmith and Fulham, Brent
W11  Notting Hill, Ladbroke Grove (south), Holland Park (part)  Kensington and Chelsea, Westminster, Hammersmith and Fulham
W1B  Portland Place, Regent Street  Westminster
W1C  Oxford Street (west)  Westminster
W1D  Soho (south east); Chinatown, Soho Square  Westminster
W1F  Soho (north west)  Westminster
W1G  Harley Street  Westminster
W1H  Marylebone  Westminster
W1J  Mayfair (south), Piccadilly, Royal Academy  Westminster
W1K  Mayfair (north), Grosvenor Square  Westminster
W1S  Mayfair (east), Hanover Square, Savile Row  Westminster
W1U  Marylebone  Westminster
W1W  Great Portland Street, Fitzrovia  Westminster
W2  Paddington, Bayswater, Hyde Park, Westbourne Green, Little Venice (part), Notting Hill (part)  Westminster, Kensington and Chelsea
W9  Maida Hill, Maida Vale, Little Venice (part) Westminster, Brent, Camden
WC2A  Lincoln's Inn Fields, Royal Courts of Justice, Chancery Lane Camden, Westminster,City Of London
WC2B  Drury Lane, Kingsway, Aldwych Camden, Westminster
WC2E  Covent Garden Westminster
WC2H  Leicester Square, St. Giles Camden, Westminster
WC2N  Charing Cross Westminster
WC2R Somerset House, Temple (west) Westminster

 For property market details at post code level please click on Postcode in the table above.

 

 

Month-wise Break-up of Total Sales
City of westminster 2016 - Month-wise Break-up of Total Sales

 

Some of the insights based on the £7.29 billions month-wise break-down :

Stamp Duty Hike Impact

  1. March had property sale spike of £ 1.67 billions  compared to £ 403 millions in Feb 
  2. The impetus for it was to avoid the extra 3% in Stamp Duty Tax applicable on buying an additional home, being applicable from April 1 2016

 

Brexit Impact

  1. Brexit took place on 23rd June 2016.
  2. As can be observed from the month-wise break-up there does  seem to have been some dip in property sales in the immediate after-math of Brexit 
  3. Year on Year the property market for City of Westminster has shown a decline of 16.4% over 2015

 

 

 

Total No Of Properties Sold By Property Type

City of Westminster 2016 - Total No Of Properties Sold By Property Type

 In City of Westminster the total number of properties sold in year 2016 was 3407. The breakdown by different property types are:

  • Terraced 261 (7.66%)
  • Semi-Detached 15 (0.44%)
  • Other 408 (11.98%)
  • Flat/Maisonette 2712 (79.6%)
  • Detached 11 (0.32%)

Year on Year Comparison : Compared to City of Westminster Property Market 2015 in 2016

  • Total sales volume has declined by 530 i.e. 13.5% decline year on year
  • All the property type had lower sales volume except Others compared to 2015

 

 

 

Average & Median Sales Price

 

The average sales price in City of Westminster was £2.14 millions. For the different property types it was:

  • Detached £7.5 millions
  • Semi-Detached £3.75 millions
  • Terraced £3.5 millions
  • Flat/Maisonette £1.4 millions
  • Other it is £6.2 millions

Similarly the median sales price in City of Westminster was £950 K. For the different property types it was:

  • Detached £7 millions
  • Semi-Detached £4.05 millions
  • Terraced £2.3 millions
  • Flat/Maisonette £900 K
  • Other it is £808 K

Year on Year Comparison : Compared to City of Westminster Property Market 2015  in 2016

  • All property types have had increase in average and median sales price except for Semi-Detached, Other

 

 

 

New Vs Not New Property Statistics

City of Westminster 2016 - New Vs Not New Property Statistics

By Value Of Sales

  • Not New Property contributed £6.38 billion (87.57%)
  • New Property £906 millions (12.43%) 

By Number Of Sales

  • The number of Not New Property sold was 2930 (86%)
  • The number of New Property sold was 477 (14%) 

Year on Year Comparison : Compared to City of Westminster Property Market 2015   in 2016

  • New property market share in property market has gone up in 2016 over 2015

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City of London Property Market Impacted By Brexit, Declines by 6 % in 2016

27. May 2017 12:10 / VInsights Team / Central London / Comments (0)

Story Highlights

  • City of London in 2016 had total property sales of £1.22 billions
  • The total number of property sold in City of London 2016 was 216
  • The average sales price in City of London was £5.63 millions and the median sales price was £843 K
  • The sales value contributed by New Property was 0.77% where as Not New Property contributed 99.23%
  • Stamp duty hike caused monthly spike in March
  • Brexit coupled with Stamp Duty Hike caused decline in total sales by 6.15% 

 

 

Total Sales By Property Type
City Of London 2016 - Total Sales By Property Type

City of London is one of the Boroughs of Central London. It had total Property Sales of  £1.22 billions which was 4.92% of Central London Property Market 2016

The split across the different property types are:

  • Terraced £2 millions
  • Other £1.083 billions (89.17%)
  • Flat/Maisonette £291 millions (10.65%)

 

 

City Of London Property Market at Postcode level
Postcode 

 Coverage Area         

  Local Authority Area
E1 Eastern head district: Aldgate (part), Bishopsgate (part), Whitechapel, Shoreditch (part), Spitalfields, Shadwell, Stepney, Globe Town (part), Mile End (part), Portsoken, Brick Lane Tower Hamlets, Hackney, City of London
EC1A St Bartholomew's Hospital City Of London, Islington
EC1M Clerkenwell, Farringdon Islington, Camden, City of London
EC1N Hatton Garden Camden, City of London
EC1Y St Luke's, Bunhill Fields Islington, City of London
EC2A Shoreditch Islington, Hackney, City of London
EC2M Broadgate, Liverpool Street Tower Hamlets, City of London
EC2N Old Broad Street, Tower 42 City Of London
EC2R Bank of England City Of London
EC2V Guildhall City Of London
EC2Y Barbican City Of London
EC3A St Mary Axe, Aldgate City Of London
EC3M Lloyd's of London, Fenchurch Street City Of London
EC3N Tower Hill, Tower of London City Of London
EC3R Monument, Billingsgate City Of London
EC3V Cornhill, Gracechurch Street, Lombard Street City Of London
EC4A Fetter Lane City Of London, Westminster
EC4M St Paul's City Of London
EC4N Mansion House City Of London
EC4R Cannon Street City Of London
EC4V Blackfriars City Of London
EC4Y Temple City Of London
SE1 Bankside, South Bank, Lambeth (part), Southwark, Bermondsey (part), Vauxhall (part), Old Kent Road (part) Lambeth, Southwark, City of London
WC1V High Holborn Camden, City of London

 For property market details at post code level please click on Postcode in the table above.

 

 

Month-wise Break-up of Total Sales
City Of London 2016 - Month-wise Break-up of Total Sales

Some of the insights based on the £1.22 billions month-wise break-down :

Stamp Duty Hike Impact

  1. March had property sale spike of £65 millions  compared to £25 millions in Feb 
  2. The impetus for it was to avoid the extra 3% in Stamp Duty Tax applicable on buying an additional home, being applicable from April 1 2016

Brexit Impact

  1. Brexit took place on 23rd June 2016.
  2. As can be observed from the month-wise break-up a clear conclusions cannot be drawn on the City of London property market 2016
  3. Year on Year the property market for City of London has shown a decline of 6.15% over 2015

 

 

Total No Of Properties Sold By Property Type

City Of London 2016 - Total No Of Properties Sold By Property Type

In City of London the total number of properties sold in year 2015 was 216. The breakdown by different property types are:

  • Terraced 1 (0.46%)
  • Other 81 (37.5%)
  • Flat/Maisonette 134 (62.04%)

Year on Year Comparison : Compared to City of London Property Market 2015  in 2016

  • Total sales volume has declined by 169 i.e. decline of 43.89%
  • All the property type had lower sales volume compared to 2015 except for Others
  • Other has shown a growth of 15.71%

 

 

Average & Median Sales Price
City of London 2016 - Average & Median Sales Price

In 2015 the Average property price was £5.63 millions in City of London. The average price for the different property types:

  • Flat/Maisonette £966 K
  • Other £13.4 millions
  • Terraced £2.125 millions

The Median Price was £843 K. The median property price for the different property types are:

  • Flat/Maisonette £805 K
  • Other £2.93 millions
  • Terraced £2.125 millions

Year on Year Comparison : Compared to City of London Property Market 2015 in 2016

  • Flat/Maisonette, Terraced properties had increase in average and median price

 

 

New Vs Not New Property Statistics

City Of London 2016 - New Vs Not New Property Statistics

By Value Of Sales

  • Not New Property contributed £1.21 billion (99.23%)
  • New Property 9 millions (0.77%) 

By Number Of Sales

  • The number of Not New Property sold was 291 (99.07%)
  • The number of New Property sold was 2 (0.93%) 

 

 

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Camden Property Market Impacted by Brexit, Declines by 9.8% in 2016

27. May 2017 12:00 / VInsights Team / Central London / Comments (0)

Story Highlights

  • Camden in 2016 had total property sales of £3.5 billions
  • The total number of property sold in Camden 2016 was 2525
  • The average sales price in Camden was £1.38 millions and the median sales price was £715 K
  • The sales value contributed by New Property was 5.63% where as Not New Property contributed 94.37%
  • Stamp duty caused monthly spike in March
  • Brexit coupled with Stamp duty changes caused total sales to decline by 9.8% in 2016

 

 

Total Sales By Property Type
Camden 2016 - Total Sales By Property Type

Camden is one of the Boroughs of Central London. It had total Property Sales of  £3.5 billions which was 14.16% of Central London Property Market 2016.

The split across the different property types are:

  • Terraced £486 millions (13.9%)
  • Semi-Detached £223 millions (6.37%)
  • Other £1.07 billion (30.6%)
  • Flat/Maisonette £1.56 billions (44.71%)
  • Detached £154 millions (4.42%)

Year on Year Comparison : Compared to Camden Property Market 2015  in 2016

  • Camden had property sales decrease of £0.38 billions i.e. 9.8%
  • Terraced, Flat/Maisonette, Detached had decrease in total property sales 
  • Semi-Detached, Other had increase in total property sales 

 

 

Camden Property Market at Postcode level

Postcode 

 Coverage Area         

  Local Authority Area
ECIM Clerkenwell, Farringdon Islington, Camden, City of London
EC1N Hatton Garden Camden, City of London
EC1R Finsbury, Finsbury Estate (west) Islington, Camden
N1C Kings Cross Central Camden
N6 Highgate, Hampstead Heath (part) Camden, Haringey, Islington
N7 Holloway, Barnsbury (part), Islington (part), Tufnell Park (part) Islington, Camden
N19 Upper Holloway, Archway, Tufnell Park (part) Islington, Camden
NW1 North Western head district: Marylebone (part), Euston, Regent's Park, Baker Street, Camden Town, Somers Town, Primrose Hill (part) and Lisson Grove (part)  Camden, Westminster
NW2 Cricklewood district: Cricklewood, Dollis Hill, Childs Hill, Golders Green (part), Brent Cross (part), Willesden (north), Neasden (north) Barnet, Brent, Camden
NW3 Hampstead district: Hampstead, Belsize Park, Frognal, Childs Hill (east), South Hampstead (north), Swiss Cottage (east), Primrose Hill (north), Chalk Farm (west), Gospel Oak Camden, Barnet
NW5 Kentish Town district: Kentish Town, Camden Town (part), Gospel Oak (part), Dartmouth Park, Chalk Farm (east), Tufnell Park (west) Camden, Islington
NW6 Kilburn district: Kilburn, Brondesbury, West Hampstead, Queen's Park, Kensal Green (part), South Hampstead (south), Swiss Cottage (west) Brent, Camden, Westminster
NW8 St John's Wood district: St John's Wood, Primrose Hill (south), Lisson Grove (north) Westminster, Camden
W1T Fitzrovia, Tottenham Court Road Camden
WC1A New Oxford Street Camden
WC1B Bloomsbury, British Museum, Southampton Row Camden
WC1E University College London Camden
WC1H St Pancras Camden
WC1N Russell Square, Great Ormond Street Camden
WC1R Gray's Inn Camden
WC1V High Holborn  Camden, City of London
WC1X Kings Cross, Finsbury (west), Clerkenwell (north) Camden, Islington
WC2A Lincoln's Inn Fields, Royal Courts of Justice, Chancery Lane Camden, Westminster, City of London
WC2B Drury Lane, Kingsway, Aldwych Camden, Westminster
WC2H Leicester Square, St. Giles Camden, Westminster

For property market details at post code level please click on Postcode in the table above.

 

 

Month-wise Break-up of Total SalesCamden 2016 - Month-wise Break-up of Total Sales

 

Some of the insights based on the £3.5 billions month-wise break-down :

Stamp Duty Hike Impact

  1. March had property sale spike of £683 millions  compared to £250 millions in Feb 
  2. The impetus for it was to avoid the extra 3% in Stamp Duty Tax applicable on buying an additional home, being applicable from April 1 2016

Brexit Impact

  1. Brexit took place on 23rd June 2016.
  2. As can be observed from the month-wise break-up there does  seem to have been some dip in property sales in the immediate aftermath of Brexit 
  3. Year on Year the property market for Camden has shown a decline of 9.8% over 2015

 

 

Total No Of Properties Sold By Property Type
Camden 2016 - Total No Of Properties Sold By Property Type

 In Camden the total number of properties sold in year 2016 was 2525. The breakdown by different property types are:

  • Terraced 255 (10.1%)
  • Semi-Detached 67 (2.65%)
  • Other 238 (9.43%)
  • Flat/Maisonette 1936 (76.67%)
  • Detached 29 (1.15%)

Year on Year Comparison : Compared to Camden Property Market 2015 in 2016

  • Total sales volume has declined by 12.4%
  • All the property type except Other had lower sales volume compared to 2015
  • Other had sales volume growth of 60.8%

 

 

Average & Median Sales Price
Camden 2016 - Average & Median Sales Price

 

In 2016 the Average property price was £1.38 millions in Camden. The average price for the different property types are:

  • Detached £5.33 millions
  • Flat/Maisonette £808 K
  • Other £4.5 millions
  • Semi-Detached £3.3 millions
  • Terraced £1.91 millions

The Median Price was £715 K. The median property price for the different property types are:

  • Detached £3.35 millions
  • Flat/Maisonette £650 K
  • Other £603 K
  • Semi-Detached £2.75 millions
  • Terraced £1.6 millions.

Year on Year Comparison : Compared to Camden Property Market 2015  in 2016

  • All property types have had increase in average and median sales price except for Other, Flat/Maisonette

 

 

New Vs Not New Property Statistics
Camden 2016 - New Vs Not New Property Statistics

By Value Of Sales

  • The sales value contributed by New Property was £197 millions (5.63%)
  • Not New Property contributed £3.3 billions (94.37%)

By Number Of Sales

  • New properties sold were 214 (8.48%)
  • Not new property sold were 2311 (91.52%)

Year on Year Comparison : Compared to Camden Property Market 2015 in 2016

  • New property market share in property market has gone down in 2016 over 2015

 

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Southwark Property Market 2015

6. December 2016 16:35 / VInsights Team / Central London / Comments (0)

 For 2016 details - Southwark Property Market 2016 

Story Highlights

  • Southwark had total Property Sales of £2.9 billions in 2015.
  • The total number of properties sold in year 2015 was 4600.
  • The Average property price was £637 K while Median was £470 K.

  • Not New Property contributed £2.42 billions (82.55%) and New Property 511 millions (17.45%) giving combined total of £2.9 billions.

  • The number of Not New Property sold was 3779 (82.15%), whereas the number of New Property sold was 821 (17.85%) giving combined total of 4600.

 

 

Total Sales By Property Type

 

Southwark - Total Sales By Property Type

Southwark is one of the Boroughs of Central London. It had total Property Sales of £2.9 billions which was 10.47% of Central London Property Market 2015.

The split across the different property types are:

  • Terraced £547 millions (18.68%)
  • Semi-Detached £176 millions (6.02%)
  • Other £383 millions (13.08%)
  • Flat/Maisonette £1.75 billions (59.76%)
  • Detached £72 millions (2.47%)

 

 

Total No Of Properties Sold By Property Type

 

Southwark - Total No Of Properties Sold By Property Type

 In Southwark the total number of properties sold in year 2015 was 4600. The breakdown by different property types are:

  • Terraced 760 (16.52%)
  • Semi-Detached 171 (3.72%)
  • Other 110 (2.39%)
  • Flat/Maisonette 3517 (76.46%)
  • Detached 42 (0.91%)

 

 

Average & Median Sales Price

 

Southwark - Average & Median Sales Price

In 2015 the Average property price was £637 K in Southwark. The average price for the different property types are:

  • Detached £1.72 millions
  • Flat/Maisonette £498 K
  • Other £3.5 millions
  • Semi-Detached £1.03 million
  • Terraced £720 K

The Median Price was £470 K. The median property price for the different property types are:

  • Detached £1.5 millions
  • Flat/Maisonette £418 K
  • Other £962 K
  • Semi-Detached £885 K
  • Terraced £680 K

 

 

New Vs Not New Property Statistics

 

Southwark - New Vs Not New Property Statistics

By Value Of Sales

  • Not New Property contributed £2.42 billions (82.55%)
  • New Property 511 millions (17.45%) giving combined total of £2.9 billions.

By Number Of Sales

  • The number of Not New Property sold was 3779 (82.15%)
  • The number of New Properties sold was 821 (17.85%) giving combined total of 4600.

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Lambeth Property Market 2015

5. December 2016 11:47 / VInsights Team / Central London / Comments (0)

 For 2016 details - Lambeth Property Market 2016 

Story Highlights

  • Lambeth had total Property Sales of  £3.1 billions in 2015.
  • The total number of properties sold in year 2015 was 5045.
  • The Average property price was £606 K in Lambeth, while Median was £450 K.

  • Not New Property contributed £2.8 billions (91.3%) and New Property 266 millions (8.7%) giving combined total of £3.1 billions.

  •  The number of Not New Property sold was 4486 (88.92%), whereas the number of New Property sold was 559 (11.08%) giving combined total of 5045.

 

 

Total Sales By Property Type

 

Lambeth - Total Sales By Property Type

Lambeth is one of the Boroughs of Central London. It had total Property Sales of  £3.1 billions which was 10.92% of Central London Property Market 2015.

The split across the different property types are:

  • Terraced £707 millions (13.81%)
  • Semi-Detached £234 millions (5.41%)
  • Other £340 millions (26%)
  • Flat/Maisonette £1.72 billions (50.05%)
  • Detached £56 millions (4.74%)

 

 

Total No Of Properties Sold By Property Type

 

Lambeth - Total No Of Properties Sold By Property Type

 In Lambeth the total number of properties sold in year 2015 was 5045. The breakdown by different property types are:

  • Terraced 881 (17.46%)
  • Semi-Detached 248 (4.92%)
  • Other 94 (1.86%)
  • Flat/Maisonette 3775 (74.83%)
  • Detached 47 (0.93%)

 

 

Average & Median Sales Price

 

Lambeth - Average & Median Sales Price

In 2015 the Average property price was £606 K in Lambeth . The average price for the different property types are:

  • Detached £1.19 millions
  • Flat/Maisonette £455 K
  • Other £3.6 millions
  • Semi-Detached £942 K
  • Terraced £803 K

The Median Price was £450 K. The median property price for the different property types are:

  • Detached £1 millions
  • Flat/Maisonette £410 K
  • Other £470 K
  • Semi-Detached £803 K
  • Terraced £720 K

 

 

New Vs Not New Property Statistics

 

Lambeth - New Vs Not New Property Statistics

By Value Of Sales

  • Not New Property contributed £2.8 billions (91.3%)
  • New Property 266 millions (8.7%) giving combined total of £3.1 billions.

By Number Of Sales

  • The number of Not New Property sold was 4486 (88.92%)
  • The number of New Properties sold was 559 (11.08%) giving combined total of 5045.

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