博鱼体育集团

The difference between the annual price change in prime central and prime outer London was at its widest this year in December as Brexit-related uncertainty increased in the run-up to the end of the transition period.

Average prices in PCL fell 4.3% during 2020, while the annual decline narrowed to 3.2% in POL after monthly growth of 0.1%, see chart below. Prices in PCL fell 0.1% between November and December.

Brexit uncertainty and movements in the pound have a more marked impact in central London markets, where there is a greater proportion of overseas buyers.

In the year following the EU referendum in June 2016, prices in PCL fell 6.3%, which compared to a decline of 1.9% in prime outer London, where there is a greater predominance of UK buyers.

鈥淩enewed uncertainty over Brexit means some buyers and sellers became more cautious in the final weeks of the year,鈥� said Tom Bill, head of UK residential research at 博鱼体育集团 Frank. 鈥淎s we saw after the EU referendum, this tends to have more of an impact in central London.鈥�

The number of viewings in the week to 12 December in prime central London was 11% below the five-year average. Meanwhile, in prime outer London, the figure was 27% above the five-year average.

Any impact of Brexit-related uncertainty in PCL may be short-lived as both the UK and EU work their way towards a deal. 博鱼体育集团 Frank has forecast that price growth in PCL will outperform mainstream UK and prime outer London markets in 2021 as a wave of pent-up overseas demand is released.