The level of prime London homes currently for sale across the market has crept up so far this year, with Mayfair, Knightsbridge and Belgravia currently boasting the largest proportion of £2m+ properties listed for sale as a percentage of total market stock, latest market analysis by Jefferies James reveals.
The research shows that there are currently 4,073 homes listed across the prime London market with a price tag of £2 million or more – a 0.4% increase versus this time last year, although some areas have seen a far greater increase in prime for sale stock listings.
In Notting Hill for example, the number of £2m+ homes on the market has increased by 14.5% annually, whilst St John’s Wood (+12.6%) and Belgravia (+9.8%) have also seen a considerable increase in prime sale listings.
However, it’s Mayfair that ranks as the most prestigious pocket of the market when it comes to the availability of prime London properties in the current market with 73% of all homes currently listed for sale across the area boast a price tag of £2m or more.
PRIME FOR SALE LISTINGS
Knightsbridge also ranks highly in this respect, with 63% of all homes on the market listed at £2m or above, with prime for sale listings also accounting for 37% of all market listings across Belgravia, Chelsea and Fitzrovia .
Maida Vale ranks bottom of the table in this respect, with just 9% of all homes listed for sale commanding an asking price of £2m or more.
SOMEWHAT SUBDUED
Damien Jefferies, Founder of Jefferies James, says: “The prime London market has been somewhat subdued of late but an increase in the number of prime homes listed for sale suggests that, as overall market sentiment has improved, London’s high-end homesellers are being tempted out of the woodwork to test the waters.
“Of course, the level of prime London for sale stock does differ from one neighbourhood to the next and in some areas supply remains restricted when compared to last year.
“However, when it comes to the most prestigious pockets of the prime London market, it’s the traditionally popular heartlands of Mayfair, Knightsbridge and Belgravia where prime property stock is most abundant, accounting for the vast majority of all homes listed for sale.”
