There is a profusion of press articles circulating that detail the direction of house prices in Central London compared to other part of the capital and, indeed, elsewhere in the UK.
At Lurot Brand - a London estate agent specialising in the sale of mews properties - we can safely say that the property market has not imploded. "It's worth noting the thoughts of Rightmove's Miles Shipside," comments Lurot Brand's General Manager, James Robinson. "His observation that overall prices are still an average of only £10,000 below their all-time high should be the headline."
Property price movement is very much relative when you look at a given area. "If you sell for less in a neighbourhood, it's more likely you will buy for less as well. For movers staying in Central London, the current market gives them greater cause to stay within the area," adds Robinson.
In fact, for the first time in many years, it's just about possible to say that moving within prime Central London offers better value-for-money then moving out to Greater London. "House prices have begun to soar in outlying London boroughs. Meanwhile there is more stability in Central London. Moving within Notting Hill, Kensington and Hyde Park is presenting good relative affordability but it is worth noting that enduring desirability and competition from international buyers does mean that premiums are still being paid for the best properties, fuelled by a buoyant bank of buyers," concludes Robinson.
“While the year-on-year fall of 1.5 per cent is the worst for nearly eight years, it needs to be put into the context that overall prices are still an average of only £10,000 below their all-time high. Demand continues to be strong, but at the right price for the right property.”