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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