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The strong inflows and weak outflows of wealth in the prime London markets have delivered strong value growth in the core parts of central London but have also resulted in an expansion of what is now considered to be prime property. On this map, we show the impact on the geography of prime.

Areas shaded green show wards where the average sale price recorded by the Land Registry exceeds £1 million, while elsewhere the depth of shade illustrates relative values. Areas shown coloured light and dark pink are fast growing locations where average sale prices in 2013 were below £1 million but where values are now more than 30% higher than their pre-crunch levels.

This demonstrates an organic expansion of the prime markets, usually on the fringes of prime London. The catalyst for this ‘priming’ is often new regenerating development and infrastructure improvements that, by pulling wealth into an area, increase its diversity and desirability, which in turn attracts more high net worth buyers. This is typified by areas to the north of Hyde Park and towards the east of the City.

Some prime markets such as Islington and Fulham have matured and evolved as prime locations over this period. Others, such as areas around Victoria and Earls Court have seen or are set for more significant regeneration and likely ‘priming’ as a result.

The map also shows the expansion of upper mainstream markets in the lighter pink shades. A good example of this are the rising values eastwards into the borough of Hackney, which has become increasingly fashionable among young, affluent households.

Taken from
Spotlight: Prime London Residential Market - Autumn 2013

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