Prime Central London (PCL) transactions are up by 48% on pre-COVID levels, according to research from leading prime property finance firm CapitalRise and global property agents Savills.
The data outlines the strong recovery of the PCL housing market since the first national lockdown in March 2020, with PCL transactions now surpassing pre-Covid levels.
This can be seen as PCL transactions have rocketed by 48% from H1 2019 to H1 2022, while total UK transactions grew by just 9% in the same period.
Uma Rajah, CEO and co-founder of CapitalRise, said: “Today’s data improves the PCL market’s reputation as an incredibly resilient sector of the property market, which quickly and consistently bounces back from economic downturns.
“The considerable wealth of buyers and sellers at this point of the market, and the natural constraint on supply are both central to the resilience of the Prime Central London market.
“While there is concern for the outlook of the wider UK property market, the prospects of the PCL market are much brighter.”
What’s more, research revealed that the strong post-pandemic rebound of the PCL market has been spearheaded by a 71% spike in sales of properties valued over £5m.
The data also reveals that between H1 2019 and H1 2022, transactions in the PCL property market peaked in June 2021, coinciding with the conclusion of the Stamp Duty Land Tax holiday.
The PCL market saw an 89% increase in transactions from May to June 2021 alone.
Rajah continued: “Indeed, we may see a further boost to the market as the declining value of the pound boosts international investment.
“Only time will tell, but previous data suggests that the PCL market is well positioned to resist large financial shocks and continue to offer great opportunities.”
