London Central Portfolio plays down property growth slowdown as luxury market rises
A leading property asset manager and expert on central London property has dismissed concerns over slowing growth, after new figures reveal growing appetite in the capital’s luxury housing market.
London Central Portfolio (LCP) chief executive Naomi Heaton said yesterday that its analysis of Land Registry figures for the second quarter showed that sales volumes in prime central London had risen 19.3 per cent over the past year to 6,546 – the highest level since 2007.
Prices in the second quarter reached £1,638,456 – up 11.29 per cent over the same period last year.
While Greater London saw stronger growth than prime central London in the second quarter of 12.09 per cent, LCP said the annual growth was lower, at 8.5 per cent compared with 10 per cent in the capital’s prime postcodes.
However experts believe growth will slow as buyers become more reticent to match the market’s escalating valuations. Hamptons predicts that while prices in greater London will rise by more than 15 per cent this year, they will slow down to just three per cent in 2015.