Prime central London sales activity remained strong in Q2 with 208 transactions recorded by Lonres. This is 11% up on Q1 2022's level of activity.
The prime London sales market has continued to record robust levels of activity and price growth in the first half of 2022. Meanwhile, the rental market has rebounded from last year’s lows and rents have risen above pre-pandemic levels amidst a lack of homes available to rent.
Average house price growth at +8.4% Average house prices were broadly unchanged in May, rising by just 0.1%. This is the lowest rate of monthly price growth since December 2019. Growth on a quarterly basis, at 1.4%, is the slowest rate of in 15 months.
The official name is ‘Leasehold Reform (Ground Rent) Act 2022’ and comes into effect from 30th June 2022 for all residential leases in England and Wales. Retirement properties will not come under the legislation until 1st April 2023. The legislation states that the ground rent for all new residential leases created from 30th June must only be a peppercorn amount, in other words ‘zero’. Where an existing lease is extended as part of an agreement or voluntary renewal then any ground rent can continue for the remainder of the lease.
The cost of buying close to a London palace tops £3 million | Prime London’s sales market remains strong in May, while rental stock levels continue to tighten
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