Wednesday 17 August 2016 8:00 am

Houses in the West End are still selling like hotcakes, says CBRE

Home sales have remained "strong" for CBRE after Brexit, with the company reporting it has exchanged on nearly £60m worth of residential property in the second quarter of this year.

The transaction value achieved by CBRE was its second highest for the last four years.

Read more: Here's everything that's happened to house prices since the Brexit vote 

Three quarters of the sales were at more than £1,750 per square foot. One penthouse in Covent Garden went for £2,900 per square foot.

CBRE said its lettings in the West End were up by 14 per cent as compared to the same quarter last year, "largely fuelled by a buoyant international student market".   

Jamie Gunning, executive director at CBRE, said: "Overall, growth in the London market remained robust in the second quarter, albeit with a slight moderation.

Read more: This is where all the bankers live (and it's not West London)

"The fundamental drivers of London's property market are not affected by the decision to leave and the demand for property in the West End remains strong, particularly in the high-value market."

UK buyers make up for 42 per cent of the purchasers in the West End market, and the weakening of sterling is expected to boost demand from overseas buyers even further.

The news comes after data from Zoopla revealed that house prices are being cut by nearly 10 per cent in some parts of London.

If you're looking to sell you're property – or want to find somewhere to buy – here is everything that's happened to house prices since the Brexit vote.