Research from leading prime property finance firm CapitalRise and global property agents Savills has today revealed the strong post-pandemic recovery of the Prime Central London (PCL) property market, providing reassurance to investors in this highly uncertain economic period.
PCL transactions up by 48% on pre-COVID levels
The data outlines the strong recovery of the PCL housing market since the first national lockdown in March 2020, with PCL transactions now surpassing pre-Covid levels.
- PCL transactions have rocketed by 48% from H1 2019 to H1 2022.
- Total UK transactions up by just 9% in the same period.
The strong post-pandemic rebound of the PCL market has been spearheaded by a 71% spike in sales of properties valued over £5m.
PCL transactions peaked in June 2021
The data also reveals that between H1 2019 and H1 2022, transactions in the PCL property market peaked in June 2021, coinciding with the conclusion of the Stamp Duty Land Tax holiday. The PCL market saw an 89% increase in transactions from May to June 2021 alone.
Uma Rajah, CEO and Co-Founder of CapitalRise, commented:
“Today’s data improves the PCL market’s reputation as an incredibly resilient sector of the property market, which quickly and consistently bounces back from economic downturns.
“The considerable wealth of buyers and sellers at this point of the market, and the natural constraint on supply are both central to the resilience of the Prime Central London market. While there is concern for the outlook of the wider UK property market, the prospects of the PCL market are much brighter.
Indeed, we may see a further boost to the market as the declining value of the pound boosts international investment. Only time will tell, but previous data suggests that the PCL market is well positioned to resist large financial shocks and continue to offer great opportunities.”
UK Transactions 2022
UK Transactions 2019
PCL Transactions 2022
PCL Transactions 2019
PCL Transactions 2022 (£5m+)
PCL Transactions 2019 (£5m+)