Prime London remains a buyers market, as the average price achieved per square foot remains down -2.7%, data from Benham and Reeves has revealed.
Benham and Reeves analysed house price data from LonRes, looking at the average price achieved per square foot across each area of the prime market in Q2 of this year and how this compared to the previous year.
The average prime London home commanded £1,150 per square foot, -2.7% down versus a year ago.
Mayfair and St James’s remained the most expensive pocket of the prime London market at £2,147 per square foot, despite having seen a -4.6% annual drop.
However, Bayswater and Maida Vale drove market performance when it comes to positive prime London house price growth, with the average value per square foot climbing 10.1% in the last year alone.
Hammersmith, Brook Green, Chiswick and North Kensington also saw strong growth of 6.8% year on year, with Battersea, Clapham and Wandsworth ranking third at 4.1%.
Just three other areas have seen positive annual movement – Pimlico, Westminster and Victoria (3.7%), St John’s Wood, Regent Park and Camden (1.6%) and Canary Wharf and Docklands (0.6%).
Marc von Grundherr, director of Benham and Reeves, said: “Generally speaking we’re now seeing market momentum tip back in favour of home sellers, as buyers return to the market in numbers and house prices start to climb.
“However, this isn’t quite the case across the prime London market where any change in market dynamics tends to take that while longer due to the far higher price of property.
“As a result, it remains very much a buyers market at the top end of the London property ladder, with many areas still seeing values sit below that of a year ago.
“We are starting to see the tide turn though and there have been a handful of neighbourhoods to have registered very healthy growth in the last 12 months.”
