'Prime' London property market starting to cool
Sun 27 Jul 2014
Price growth in the most sought-after areas of London has slowed slightly over the last three months. The latest edition of the London Property Monitor compiled by estate agent Marsh & Parsons showed that quarterly house price growth in the capital's most prestigious postcodes fell to 3.1% in the second quarter of 2014, down from 4.3% in the first three months of the year. Among the firm's "Prime London" districts are central areas such as Chelsea, Kensington, Notting Hill and Pimlico, as well as the likes of Clapham, Fulham and Battersea. Peter Rollings, CEO of Marsh & Parsons, said: "After a frenetic start to the year, the pace of house price growth has slowed this quarter as the market stabilises and returns to more normal trading conditions. "With more choice coming onto the market, sellers are able to find their next onward purchase and consider trading up. Calmer conditions in the market have meant buyers view purchasing Prime London property as a less daunting process than has been the case previously." Marsh & Parsons said an increased supply of property had kept price growth in check. The number of buyers registered fell from an average of 24 per home in January to 16 in June.