Story Highlights

• Central London in 2016 had total property sales of £24.68 billions
• City Of Westminster was the leader with £7.29 billions of sale
• The total number of property sold in Central London 2016 was 19,071
• The average sales price in Central London was £1.29 millions 
• The average sales price across its counties was maximum in City of London at £5.65 millions 
• The sales value contributed by New Property was 11.76% where for Not New it was 88.24%
• Stamp duty changes caused monthly spike in March
• Brexit coupled with Stamp Duty changes caused 12% decline in total value of property sales

 

Central London comprises of the Greater London boroughs of Camden, City Of London, Westminster, Islington, Kensington & Chelsea, Lambeth, Southwark

 

 

Total Sales By Borough

  £24.68 billions was the total sales in 2016.It was 32.48% of the London Property Market 2016.

Borough wise split of Central London Property Market 2016 :

• City Of Westminster £7.29 billions (29.53%)
• Kensington And Chelsea £4.64 billions (18.79%)
• Camden £3.5 billions (14.16%)
• Southwark £3.16 billions (12.81%)
• Lambeth £2.65 billions (10.71%)
• Islington £2.24 billions (9.06%)
• City Of London £1.22 billions (4.92%)

 

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

• Central London had property sales decrease of 12%.
• Only Southwark, Islington had growth in total sales, rest of the boroughs had decline compared to 2015.

 

 

Total Sales By Property Types

The split of £24.68 billions across the different property types are:

• Flat/Maisonette £12.3 billions (50.01%)
• Other £6.65 billions (26.95%)
• Terraced £4.4 billions (17.77%)
• Semi-Detached £820 millions (3.32%)
• Detached £482 millions (1.95%)

 

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

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

  

 

 

Month-wise Break-up of Total Sales

 

Some of the insights based on the £24.68 billions month-wise break-down :

Stamp Duty Hike Impact

1. March had property sale spike of £4.94 billions compared to £ 1.7 billions 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 Central London has shown a decline of 11.86% over 2015.

 

 

 

Total Number Of Sales By Property Types

The total number of property sold in Central London 2016 was 19,071. It is split as:

• Flat/Maisonette 14,563 (76.36%)
• Detached 121 (0.63%)
• Semi-Detached 439 (2.3%)
• Terraced 2532 (13.28%)
• Other 1416 (7.42%)

 

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

• Total sales volume has declined by 3,057 i.e. 13.82
• All property types have shown decline in number of properties sold except property type Other.
• Other has shown significant increase from 932 in 2015 to 1416 in 2016.

 

 

Average & Median Sales Price

 

The average sales price in Central London was £1.29 millions. For the different property types it was:

• Detached £3.98 millions
• Semi-Detached £1.87 millions
• Terraced £1.73 millions
• Flat/Maisonette £848 K
• Other it is £4.70 millions

Similarly the median sales price in Central London was £635 K. For the different property types it was:

• Detached £1.78 millions
• Semi-Detached £1.13 millions
• Terraced £1.03 millions
• Flat/Maisonette £580 K
• Other it is £707 K

 

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

• All property types had increase in average and median sales price except for other.

 

 

Average & Median Sales Price By Borough

 

In Central London the Average of Sales Price is as above.

• The highest average sales price is in City Of London £5.62 millions
• City Of Westminster £2.14 millions
• Kensington And Chelsea £2.1 millions
• Camden £1.39 millions
• Islington £855 K
• Southwark £812 K
• Lambeth being minimum at £627 K

• The median price was highest for Kensington And Chesea at £1.2 millions
• City Of Westminster £950 K
• City of London £843 K
• Camden £715 K
• Islington £600 K
• Southwark £504 K
• Lambeth being minimum at £500 K

 

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

• All the boroughs had increase in average sales price except for Kensington And Chelsea, City Of Westminster
• The median property prices for all boroughs have gone up

 

 

New Vs Not New Property Statistics

By Value Of Sales

• The sales value contributed by New Property was £2.9 billions (11.76%)
• Not New Property contributed £21.78 billions (88.24%)

By Number Of Sales

• New properties sold were 2,722 (14.27%)
• Not new property sold were 16,349 (85.73%)

 

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

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

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