Anne Soutry, head of Knight Frank’s Fulham office said:
“What’s happening in Fulham is an adjustment that typically follows a period of rapid growth. It’s the cream coming off the cake. This time, there is the added dampener of a possible mansion tax and the uncertainty that brings.
There is no reason why activity could not pick up in the new year but overall we are in a subdued market that could last until the General Election or next autumn. We are encouraging buyers to make offers because in some cases vendors are more flexible than they have been all year.”
Tom Bill, head of London residential research, Knight Frank said:
“Meanwhile, there was growth in east London, with prices increasing by 0.4% in Wapping and 0.1% in Canary Wharf in October, the only two Knight Frank offices in prime outer London to record a rise. Both areas benefit from their relative proximity to London’s two financial centres of the City and Canary Wharf, the fact they have fewer £2 million-plus properties and the emergence of high-quality new-build schemes in east London that lifts prices in the re-sales market.”
‘Prime outer London’ is defined in the index as covering: Barnes, Battersea, Canary Wharf, Chiswick, Clapham, Fulham, Hampstead, Richmond, Riverside*, Wandsworth & Clapham, Wapping and Wimbledon.
‘Prime London’ comprises all areas in prime outer London, as well as Belgravia, Chelsea, City & Fringe, Hyde Park, Islington, Kensington, Knightsbridge, Marylebone, Mayfair, Notting Hill, South Bank, South Kensington and St John’s Wood.
*Riverside in prime outer London covers the Thames riverfront from Battersea Bridge in the east running west to Kew Bridge. In prime central London, it covers the Thames riverfront from Battersea Bridge in the west running east to Tower Bridge and includes South Bank.
