Kensington and Chelsea tipped to boom in 2022 as overseas property buyers return

- Advertisement -


Prime central London real estate suffered badly during the pandemic, but is tipped to lead the market in 2022, says estate agent Winkworth

- Advertisement -

Tea

- Advertisement -

According to property agent Winkworth, the return of foreign buyers means that expensive central London homes should lead the British property market next year when it comes to price hikes.

Prime London real estate suffered during the pandemic as foreign buyers fled and some Londoners moved out of the capital. But international buyers are now returning, with increasing demand in areas such as Kensington and Chelsea.

- Advertisement -

Winkworth’s chief executive Dominic Agees said last quarter demand for prime central London properties was up 44% at pre-pandemic levels, compared to just 4% for suburban properties.

Agace said on the company’s podcast: “We will see the return of Prime Central London. It has been the worst hit by the pandemic and it has gone nowhere for the past six years. There will be a significant uptick.

“We are likely to see a growth of six to seven per cent next year. Apart from the generally outperforming super suburbs, the country’s markets will continue to decline at around four to five per cent, driven by supply constraints, with suburban London holding steady at three to four per cent.

Home prices have skyrocketed during the pandemic as people look for larger properties to accommodate the shift to work from home. Supply is not meeting the demand.

Major properties such as Camden and Kensington in central London have failed to keep pace with national price hikes, but the market is beginning to rally.

Last month, estate agent Knight Frank said Prime Central London prices have risen 1.1% so far this year due to the return of wealthy international buyers. Prices have risen steadily for the past six months – the first time this has happened before the Brexit referendum.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox