December 2021
Buyers really got their wallets out in the Capital this year spending a whopping £11.6 billion on prime London property in 2021. This is up 45% on 2020, 37% higher than the five-year (2015 to 2019) average and 1.2% higher than the previous peak of 2014. 53% (£6.1 billion) was spent on houses, a 26% increase on the previous peak spend which was set in 2014.
An increase in sales of houses and properties at the top end of the market supported price growth in the final quarter of 2021. Overall prices rose by 7.2%. Prime Central London was the strongest performer, up 6.7% on Q4 2020 followed by Prime London (+4.0%) and Prime Fringe (+3.5%).
In prime London prices rose 43% compared with 2020 and were 26% higher than the previous five-year (2015 to 2019) average. The stamp duty holiday incentives were in place for the first half of the year and as such proved to be busier than the second. Activity below £2 million slowed in Q4, with 23% fewer sales at under £1 million and 19% fewer between £1 million and £2 million compared with 2020. Sales above £2 million increased, with properties sold for £5 million or more 15% up on Q4 2020 and 47% higher than the Q4 average between 2015 and 2019.
Houses proved popular again in Q4 2021, with 26% more houses sold than over the 2015 to 2019 (five-year) average. In contrast flat sales saw a 15% fall over the same period. This was in due, in part, to higher flat sales earlier in the year. However, taking 2021 in its entirety shows a 16% increase in sales of flats, compared with the 2015 to 2019 (five-year) average. House sales rose 57% over the same period. (Source of figures/statistics in this article in LonRes).
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Best regards
Alexander Wall
Founder
XANDER PRIME
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