Prime London property transactions up

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Demand for prime central London property remained high at the end of June after the Brexit vote, data from Knight Frank has revealed.

Knight Frank’s Prime Central London Index found that the number of transactions in the week after the Brexit vote were 38% higher than the prior week and 29% higher than the final week of May.

However, uncertainty over the referendum result saw prices in the capital fall 0.6% in the year to June, according to the index.

On the rental side, tenant registrations in June were at the highest level since September 2015, while viewings were the third highest on record.

A 24.3% increase in properties coming to market in the six months to June 2016 saw rental values decline 3%, but the index warns that uncertainty after the EU referendum will lead to tenants renting for longer.

The index warns that there is plenty of uncertainty to come that will hit the market.

Tom Bill, head of London residential research, said: “Political uncertainty in the UK will undoubtedly weigh on sentiment, and will be likely to last until at least the heads of terms of the new relationship between the UK and the EU are agreed.”

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Written by: Houseladder