Prime central London prices rise 0.3% in the third quarter, the first quarterly gain in four years

Knight Frank data reported on 5 October shows prime central London prices rose 0.3% in the three months to September, the first quarterly increase in four years, though values are still 2% lower than a year ago; prime outer London is down 0.6% on the year. The firm links the turn to more realistic pricing from vendors, some of whom have been on the market for years, while exchanges across prime London were down 2.5% on the year, a much smaller fall than the 14% decline recorded in March. For sellers at the top end, the message is that sensibly priced homes are finding buyers again; for buyers, the period of steady discounting may be ending. This is a narrow, high-value segment and one quarter of modest growth is a stabilisation, not a recovery.