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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