The number of residential sales in London has increased by 9% in the third quarter of the year when compared to Q3 2014. These figures although below historic levels seem to indicate that buyers interest remains strong.
The average ‘discount’ from asking price also indicates a positive trend. The gap between asking prices and achieved prices has narrowed in the third quarter from an average of 4% in the first half of the year to 3% in the third quarter. As we reported in previous editions, the main factor that appears to be driving discounts is the hike in stamp duty. This mainly applies to the higher value properties however the trend may be reversing given the increase in activity and the narrowing of the gap between asking prices and achieved prices.
Other statistics published by property research firm Lonres show that the most popular type of units currently for sale across London are two bedroom apartments. This is closely followed by one bedroom apartments and then by three bedroom apartments.
