Outer areas of London outpacing prime central property
Property price growth in prime central London has been outstripped by non-central prime areas in the last three months, according to estate agent Marsh & Parsons’ first London Prime Market Monitor.
Although prime central London has seen the highest long-term property price inflation as prices have risen just over 10 year on year, in the last three months it has been outpaced by growth in less central prime locations as higher prices and a shortage of property pushes buyers out from the centre.
Property prices in locations further from the centre such Brook Green (pictured), Balham and Barnes have seen an average quarterly growth of 3.7% which is 0.4% faster than the average for traditional prime areas.
“Prime central London’s property market is still benefiting from the sheer weight of money pouring into it,” said Peter Rollings, CEO of Marsh & Parsons, “but the tangible shortage of property in the most central locations is diverting many wealthy buyers into nearby neighbourhoods.
“With prices reaching new heights in locations like the Royal Borough of Kensington and Chelsea, many buyers coming to London are looking for alternative locations where their budgets will stretch further. While the number of properties on the market in prime central London is historically low, those owners that are cashing in on substantial capital gains to release funds or pay down debt are looking further afield. Areas like Fulham, Barnes, Balham and Brook Green are soaking up the excess demand, and homeowners in these locations are feeling the financial benefits as their homes climb in value.”
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