Property transactions in prime central London have dropped considerably in recent weeks as the uncertainty on the market grows.
New research from London property agency W.A.Ellis shows that transactions have dropped by 34 per cent this January as compared to January last year.
Houses were the least sold in the past month, with only nine completed transactions, as opposed to 25 sales made in January 2014.
W.A.Ellis, which is part of professional services and investment management group JLL, bases its findings on a comparison of property sales in the postal code areas SW1, SW3, SW7, SW10 and W8, (including Knightsbridge, Chelsea, Belgravia and Kensington).
According to the agency, the stamp duty reform, the upcoming General Election and the possibility of a mansion tax in a few months are causing the market slowdown.
“Comparing year on year transactions within the same month only provides a ‘snapshot’, but the overriding sentiment at the upper end of prime central London (PCL) is undoubtedly one of caution until the political path becomes clearer,” Richard Barber, director at W.A.Ellis, commented.
He, however, said the sub-prime market would see higher level of activity from customers aged 55+.
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