The number of new build homes sold in prime London locations has fallen by 7.5% in the month of October, according to new statistics from investment consultancy London Central Portfolio.
London Central Portfolio found that new build sales in the location accounted for just 8.1% of total sales.
In addition, prices were found to have fallen by 8.6% to £2,873,108. However this could all reverse quickly as some exclusive new developments reach the market.
Naomi Heaton, CEO of LCP, said: “Activity in prime central London (PCL) appears ‘on hold’ as Brexit gets pushed back again and political uncertainty prevails. In October, monthly average prices increased by just 0.3% to £1,772,216. Transactions remained static at 3,191
annually, an average of just 61 a week.
“On the bright side, this performance is an improvement on a year that has seen prices fall by 1.9% and transactions by 11.2%. This might suggest that price falls seen over the last few years are drawing to an end.”
She added: “But there is now another big question mark in the shape of the forthcoming General Election. A working Labour majority could stifle recovery. Any other outcome may result in the long awaited ‘bounce’, despite the Conservatives’ pledge to increase stamp duty for overseas buyers.”