Transactions in prime central London have fallen for secondhand stock – but have crashed for new-builds.
According to investment firm London Central Portfolio, in the capital’s prime postcodes annual transactions in September fell by 8.3%.
The total figure for transactions in the 12 months to the end of September was 3,274, which LCP says is the lowest number ever recorded, despite a monthly uptick of 3.5%.
Prices of existing stock are down 1.8% on an annual basis at an average of just under £1.8m.
By contrast, new-build prices in prime central London are up 21.3%, but the annual volume of sales is just 278 – a decrease of 61.4%.
Across Greater London, the new-build premium is less, but is still around £100,000.
While the annual volume of sales in secondhand properties is down 4.3%, for new-builds the figure is down almost 25%.
Across England and Wales, excluding Greater London, last month’s figures show annual sales volumes in line with last year, while new-build sales are up 4%.
Sales prices of new builds are up 5.4% annually, compared with 1.7% for existing stock.