No matter what you have heard about the London property market, there has been considerable interest and activity. Inner and Outer London have experienced movement, and recent analysis details where London buyers have been busy over the past year.
The analysis examines property transactions since the 23rd of March 2020, and pays particular attention to the split between Inner and Outer London deals. Some of the headline figures are:
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There have been close to 50,000 sales completed in London
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The average sales price has been £487,500
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Buyers have been looking for larger homes with outdoor space
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Outer London has seen 65% more sales than Inner London
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Only 38% of all transactions – 18,459 – have occurred in Inner London
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62% of all transactions – 30,494 – have occurred in Outer London
The average sales price for property in Inner London has been £595,000; which is 34% higher than the average sales price for Outer London
Some busy areas might come as a surprise
The analysis also looked at postcodes, and you might be surprised at some of the leading London areas. The postcode area with most sales was CR0, in Croydon and Sutton, with 894 completed sales.
Another perhaps surprising areas which scored highly was E17, located in Waltham Forest, which experienced 584 sales. This was fifth.
The City of London saw just 35 sales in its busiest postcode area, EC2Y.
Busy areas in Inner London include:
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E14 in Tower Hamlets, with 759 sales
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SW18, with 622 sales
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SW11 had 614 sales
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SW6, in Hammersmith and Fulham, had 518 sales
The border between Inner and Outer London has been active
Other postcode areas which performed strongly include SW19, SW16, SW17 and SE10. Many of these postcodes lie on the border of Inner and Outer London.
Marc von Grundherr, commented: “There’s no doubting that the unprecedented events of the last year have spurred many homebuyers to re-evaluate their property priorities, opting for larger homes on the outskirts of the capital and beyond. This trend has led to the false assumption that inner London has lost its desirability and that buyer demand has evaporated completely. This simply isn’t the case and, in fact, parts of the inner London market have been performing very well since lockdown restrictions were imposed.”
Marc continued by saying; “As the capital starts to reopen for business, it is inevitable that demand for central London homes will continue to spread. An interesting trend that is also emerging is the choice by London buyers to sit on the geographical fence, opting for areas that fall on the borders of inner and outer London. This allows them to secure the larger home they seek for a lower price, but without completing forsaking the ability to commute across London with ease.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
