Demand for property in Prime Central London has reached its highest level since June 2015, research from eMoov.co.uk has found.
Demand for property in Prime Central London has reached its highest level since June 2015, research from eMoov.co.uk has found.
With the 3% stamp duty surcharge coming into force from April eMoov said some pockets of London saw “demand levels explode” for £1m plus properties in February.
Maida Vale saw the greatest influx of demand followed by Primrose Hill and Chiswick.
Russell Quirk, founder and chief executive of eMoov.co.uk, said: “It’s clear that the fast approaching increase in stamp duty tax is having an impact on London’s high-end market.
“The Prime Central London market in particular has been in decline for quite some time now, but this flurry of activity from both buyer and seller has seen demand on the up for the time being.
“We expect that when April’s stamp duty changes come and go, the market will once again start to cool. But in the meantime, its good news for those looking to sell a £1m plus property in London’s most prestigious areas, as this increasing demand will see them obtain a better price than previously possible.”
Not every area in Prime Central London has performed well however, as demand in Notting Hill and Mayfair has dropped in 2016.
