Values in prime central London stabilise, while south and west areas such as Fulham bear brunt of buyers’ Brexit nerves
House prices in “prime” central London appear to be stabilising, while areas in the south and west of the capital such as Wandsworth and Richmond are now under increasing pressure, according to estate agent Savills.
The company is predicting that average property values in central London’s top-end enclaves such as Knightsbridge, Mayfair and Holland Park will record no growth for the next two years following three years of decline.
However, Savills said there were signs parts of the market “may be bottoming out” and the prime markets of south and west London could bear the brunt of Brexit uncertainty and concerns regarding future interest rate rises.
This market is defined as running from Battersea through Clapham and Wandsworth to the south, and Fulham, Barnes and Richmond to the west.
House prices to fall in London and south-east in 2018, say surveyors
Typical prices in prime central London ended 2017 down 4% for the year as a whole, but prime south and west London experienced a bigger annual fall of 4.2%. Within this segment of the market, Fulham was named by Savills as the area that recorded the steepest falls.