Prime central London property prices have more than doubled in the last eight years rising by 116%, and PCL prices have risen by an average of 4.9% per year since 1979, according to a major new report by Savills. That prime 4.9% compares to just 3.6% above inflation across Greater London and a UK average of 2.9%.
PCL’s stratospheric 116% rise in eight years outpaces the RPI by 86% and tells a very different story to the rest of the country; the UK average price is, according to Savills, 19.3% down on the same period, creating the biggest ever disparity between prime London and the rest of the market.
The research team at Savills has delved into the archives to track the expansion of the prime property market since the agency launched its indices in 1979. The results, published in Spotlight on Prime London, map the capital’s development and the spread of prime from establishment areas to a much bigger portion of London.