Benham and Reeves has revealed the capital’s prime and super-prime streets where buyer activity remains strong despite a wider market ‘freeze’ due to an uncertain political landscape.
The lettings and estate agent analysed property sales in prime central London (£3-£10 million) and super prime London (£10 million-plus) over the last year to locate the streets that remain hot for London’s high-end homebuyers.
Over the last year, the prime market has seen a total of 917 sales across the capital, with an average price paid of £4.5 million, and sales totalling £4.1 billion.
The most sought-after road here is Blackfriars Road in Southwark, with a total of 51 sales in the last 12 months, totalling £227.5 million – the largest total sales value.
Bishops Avenue in Barnet and Chiltern Street in Westminster rank second with 13 sales each. Marylebone Lane (also in Westminster), Water Lane in the City of London, Waterfront Drive in Hammersmith and Fulham and Young Street in Kensington and Chelsea also saw the most demand with six sales each.
Campden Hill in Kensington, which also saw six sales, was home to the highest average price per sale at almost £7.6 million.
Super Prime London
Benham and Reeves saw a total of 79 transactions at the very top end of the London market over the last 12 months, averaging £17.2 million a sale with a total of £1.4 billion worth of property sold.
Ashburton Place in Westminster tops the table with six transactions, followed by Avenue Road, also in Westminster, with four transactions. Wilton Crescent, Tregunter Road and Campden Hill have also seen three sales each in the last year.
Ashburton Place not only tops the table for transactions but is home to the highest average sold price at a whopping £27.5 million, as well as the highest total value of property sold at £165.4 million.
Anita Mehra, managing director of Benham and Reeves, says while political and economic uncertainty has led to a fall in transactions over the last few months, to witness six sales transact over the ten-million-pound mark on one street alone is proof that London remains one of the most desirable markets.
“In addition to this, it seems as though we have very much seen the bottom of the market over the last few months and there has already been a notable uplift in buyer and seller activity which is already stimulating the prime and super-prime markets,” she concludes.