New research suggests that demand for property in hotly sought after central London locations has risen by 6% since February.
Data from the latest property hotspots index from online estate agent eMoov suggests areas such as Islington and Chiswick are experiencing the most demand. eMoov construct their index by assessing demand for property with a cost of £2m or more in 16 prime London locations. The total number of properties sold are then compared to those still on the market.
The findings indicate that Chiswick has seen a remarkable 54% increase in property demand in the last two months, with Islington also recording a sizeable rise of 30%. Other notable increases occurred in Belgravia (22%), Knightsbridge (21%) and Mayfair (8%).
However, it was not such an encouraging period for Primrose Hill, St John’s Wood or Fitzrovia, with demand down 71%, 36% and 30% respectively. Demand was also down by 24% in Holland Park and 16% in Kensington.
Additionally, despite demand rising by 6% overall, demand in almost half of the central London areas assessed fell by 44%.
Included within the report is a notion that now that the threat of a mansion tax has been dispelled with a Tory election victory, wealthy buyers will be tempted back into the market. Since the publication of the latest index, high-value properties within central London listed with either Zoopla or Right Move have already risen by 5%, driven by continued trade in Chiswick, amongst other areas.
Russell Quirk, chief executive of eMoov, believes that election uncertainty caused a temporary freeze within the top-value market in the capital. However, Quirk stated that eMoov are, ‘already aware of a significant increase in buyer activity since the election,’ and it is, ‘most likely this is going to translate into a more buoyant picture in the months to come.’