📊 Key insights on PCL properties in 2023:
The total value of £5 million-plus property transactions in 2023 is £5.7 billion (Savills).
71% of residential properties were acquired through cash transactions, indicating a reduced dependence on mortgage financing within the Prime Central London (PCL) market. This data underscores the market’s resilience and attractiveness (JLL’s Prime Central London Report).
London continues to attract international investors due to its diverse cultural landscape, iconic landmarks, and prominence as a global financial center. Interest remains strong from overseas investors, particularly from the Middle East and Asia, who have always found PCL an attractive place to buy and invest.
Despite challenges in the UK property market, PCL sales totalled 1,846 in 2023, down 11% from 2022 but still 19.5% higher than pre-pandemic levels (JLL).
🔮 PCL 2024 Forecasts:
In 2024, the PCL market is anticipated to continue outpacing the averages in Greater London and the whole UK (according to Savills and Knight Frank)
Savills expect PCL prices staying stable in 2024 with a 0% annual change compared to their forecast of a downward trend in the rest of the UK market.
Knight Frank anticipate PCL rental prices increasing by 3.5% in 2024.