Prime central London property prices in October grew at the fastest rate since September 2015, while prime outer London reached levels not seen since February 2016, property firm Knight Frank revealed Friday.
Prime central growth was a relatively modest 1.2 per cent, but the capital's premium property brokers believe it is the start of a new chapter after the travails of first Brexit and then the coronavirus pandemic put a combined squeeze on prices.
“[The] prime London property market is resuming an overdue recovery that was interrupted by the pandemic,” said Tom Bill, head of UK residential research at Knight Frank.
For those hoping the recovery will follow the “dramatic double-digit bounce-back” from the 2008 global financial crash, Mr Bill sought to moderate their expectations.
Nonetheless, the green shoots of recovery do appear that little bit longer and greener as the year plays out, with September marking the sixth consecutive month of annual prime central London growth.
The positive outlook for prime central London extends to prime outer London too, an area less affected by tax changes, political volatility or international travel restrictions, according to Knight Frank.
Annual growth was 3.1 per cent in October, the fifth time this figure has been recorded over the last six months. The last time growth was stronger in prime outer London was in February 2016, highlighting the continuing strength of demand for space and greenery.
Knight Frank data showed the number of sales instructions in October were 7 per cent below the five-year average in London, compared with a drop of 14 per cent elsewhere in the country.
The trend can be partly assigned to supply levels in London proving more resilient than in the rest of the UK.
London's 10 most expensive postcodes — in pictures
SW1 - Knightsbridge (above), Belgravia, St James’s, Westminster, Victoria, Pimlico, Sloane Square and part of Chelsea. 253 £5m+ sales between 2017 and April 2021. Getty Images
W1 - Mayfair (above), Marylebone, Fitzrovia, Soho. 220 £5m+ sales between 2017 and April 2021. Getty Images
SW3 - Chelsea (above), Knightsbridge. 160 £5m+ sales between 2017 and April 2021. Getty Images
W8 - Kensington (above), Holland Park. 156 £5m+ sales between 2017 and April 2021. Getty Images
W11 - Notting Hill (above), Ladbroke Grove (south) and part of Holland Park. 96 £5m+ sales between 2017 and April 2021. Getty Images
SW7 - South Kensington (above), part of Knightsbridge. 95 £5m+ sales between 2017 and April 2021. Getty Images
NW8 - St John’s Wood, Primrose Hill (south) (above), Marylebone (north). 87 £5m+ sales between 2017 and April 2021. Getty Images
NW3 - Hampstead (above), Belsize Park, Primrose Hill (north). 74 £5m+ sales between 2017 and April 2021. Getty Images
SW10 - West Brompton (above), part of Chelsea. 52 £5m+ sales between 2017 and April 2021. Alamy
W2 - Paddington, Bayswater, Hyde Park (above), part of Little Venice, part of Notting Hill . 51 £5m+ sales between 2017 and April 2021. Getty Images
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
17,000 square metres is the length of the stainless steel facade
14 kilometres is the length of LED lights used on the facade
1,024 individual pieces make up the exterior
7 floors in all, with one for administrative offices
2,400 diagonally intersecting steel members frame the torus shape
100 species of trees and plants dot the gardens
Dh145 is the price of a ticket
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26) bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
Essentials
The flights Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur,Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang,Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes. 23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi,Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
