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The luxury rental market in New York City is quickly bouncing back from pandemic doldrums, while prices in London continue to tumble, new data shows. In Manhattan s most expensive neighborhoods, rents rose 5.9 percent this year through March, while prime central London saw prices fall 14.3 percent in the same period, according to data from Knight Frank. While New York City has been buoyed by the improving U.S. economic outlook and vaccine rollout, London s market continues to suffer under international travel restrictions. There s a general greater optimism in the U.S. market, Kate Everett-Allen, head of international residential research for Knight Frank, told Bloomberg. ....
Cheaper rent draws tenants to central London locations Lower rents in prime central London locations are grabbing the interest of prospective tenants, suggesting urban living still has strong strength of demand despite the pandemic. The number of new prospective tenants registering in prime central London (PCL) who came from outside the area was 35 per cent between June and December 2020, according to estate agent Knight Frank, up from 26 per cent in the same period in 2019. The average distance of prospective renters from the boundary of prime central London more than doubled to 3.1 miles from 1.5 miles over the same period. Coronavirus drove average rent down by 13 per cent in central London in the year to January, which took prices back to levels last seen at the end of 2009 during the global financial crisis. ....
House prices in Prime Central London declined 4.3% in the year to January 2021, according to Knight Frank. In Prime Outer London, average prices fell 2.9% in the year to January which was the smallest decline since the first national lockdown last March. The number of transactions in Prime Central London was 12% higher in January 2021 over January 2020. In addition, the number of new prospective buyers was 14% higher than the five-year average in January. The total number of market appraisal valuations was 27% below the five-year average as more sellers than buyers hesitate during the third national lockdown. Analysing transactions over 2020, the £5m to £10m price bracket in Prime Central London noted the greatest rise in the number of sales, up 16.1% from 2019. ....
London prime property falls as lockdown bars international buyers: Knight Frank By Roger Baird 3 rd February 2021 12:22 pm Prime property prices in central London fell last year with international buyers locked out of the UK market due to travel restrictions caused by the pandemic. High-end properties slipped by 4.3 per cent, a figure that has remained steady for three months, suggesting house prices are broadly flat, according to data from property consultancy Knight Frank. Average prices for houses and flats in prime outer London, fell 2.9 per cent in the year to January, the smallest decline since the first national lockdown last March. ....