The levels of demand seen for properties in Central London remained strong late into last year, the latest report released by Strutt & Parker has claimed. The study released by the company has stated that the last quarter of 2013 was another positive one for both sales and lettings in prime areas of the capital as those looking to buy or rent continued to seek out homes in the later part of the year.
The areas covered in the report - Chelsea, Kensington, Fulham, Notting Hill, Knightsbridge and Belgravia - all experienced their highest sales figures throughout 2013 since 2006. The fact that this now takes sales figures back to levels not seen since before the financial crisis that hit the market in 2008 shows just how strongly the property sector is now starting to become across the UK as a whole and in particular in the capital.
Kensington and Notting Hill were the areas that welcomed the quickest increase in the number of homes sold or let, with each seeing a rise of 21.8 per cent when compared to the figures that were experienced in 2012. Throughout the year, the number of transactions in Chelsea, South Kensington and Fulham also grew strongly, hitting levels that were a full 14.5 per cent stronger than they had been a year earlier.
"We have seen Chelsea, South Kensington and Fulham assemble the most diverse spectrum of international buyers, while Knightsbridge is highly attractive to those from the Middle East. Kensington and Notting Hill has changed from being a more domestic market to an overseas hotspot," said Stephanie McMahon, head of research at the firm.
The company's report also challenged the recent claim that the belief foreign buyers command a large proportion of the London property market is unfounded. It said that some 44 per cent of all the buyers it sees are from overseas. London is seen as a strong place to buy for these investors because it offers something of a safe haven when compared to other property markets across the globe.
- Wednesday 12 March 2014