New buyer registrations and tenancy agremeents in Prime London have soared from last January, buyers and renters mainly prefer one bedroom homes, according to the Marsh&Parsons’ latest London Property Monitor.
The number of new buyers registering increased by 24 percent in January 2016 compared to the last year.While Outer Prime London areas with Barnes and Bishops Park see the highest New Year demand by buyers and renters, supply of homes in Prime London fell 12 percent year-on-year in the last three months of 2015.
The number of tenancies agreed in the first two weeks of 2016 was up 44 percent compared to the same period in January 2015 on a like-for-like basis.
One bedroom properties were preferred by renters and buyers and these smaller have seen the biggest rise in value of any property type in Prime London over the past year.One-bedroom homes average prices increased by 3.1 percent between Q4 2014 and Q4 2015.
“The rise in the value of one-bed lets and purchase properties indicates supply in the Prime London housing market remains an issue, as developers are still not being sufficiently incentivised to build the homes the capital requires.But with housing already a big issue in the nascent London mayoral election campaign, the Government might be spurred to act on the supply shortage as we head deeper in to 2016.” comments Peter Rollings,CEO of Marsh&Parsons.
Prime London Prime Central London Outer Prime London
One Bed £622,867 £712,244 £544,663
Two-Bed £1,069,066 £1,428,198 £756,930
Three-Bed £1,783,216 £2,497,954 £1,137,546
Four-Bed £2,342,593 £3,238,611 £1,557,535
Source : http://www.marshandparsons.co.uk/