According to London Central Portfolio (LCP), in Greater London the number of sales under £2m held almost steady in the third quarter of 2012, registering just a 1% drop on Q3 2011.However, sales of those properties priced between £2m and £5m dropped by 53% in that time.
LCP also reported that, despite the growth in demand for properties in Prime London Central, sales in this sector were also down by almost 9% versus the same quarter last year.
This is in contrast to the more encouraging news in England and Wales where transactions have increased by over 3% during the last 12 months.
According to the report, this fall in PLC is ‘almost definitely a result of the uncertainty and negative sentiment caused by the tax changes announced in the 2012 budget'.
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