Demand for property in PCL slows in April
By |Published On: 16th May 2016|

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Demand for property in PCL slows in April

By |Published On: 16th May 2016|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

Demand for property in some the capitals’ most high-value locations has fallen, just weeks after the additional 3% stamp duty charge on buy-to-let accommodation was introduced.

In the prime central London sector, demand currently stands at 10% on average, falling by 23% since the changes were introduced, according to the PCL index from eMoov.


The Index shows that demand is now at its lowest level since records were first taken over one year ago. This indicates a significant change between supply and demand for property valued at £1m or more across London’s most prestigious regions.

During the run up to the stamp duty deadline, eMoov found that the rush to complete transactions had breathed new life into the top end of the market. Demand changed prime central London’s downward spiral and saw increases for the first time since May 2015 during the period.

However, it appears that this increase was superficial, with demand dropping so substantially just one month after the changes.


Only one region of prime central London, Fitzrovia, had maintained March’s increase in demand. Year-on-year, Belsize Park, Maida Vale, Primrose Hill, Holland Park and Marylebone were the only other regions to see an increase in demand.

Presently, Islington is the most in demand area, with 21%. Belsize Park is next with 19%, followed by Chiswick at 18%, Maida Vale at 16% and Notting Hill with 12%.

At the other end of the scale, St Johns Wood and Mayfair are suffering from the lowest demand levels on record, with just 4%.

Demand for property in PCL slows in April

Demand for property in PCL slows in April


eMoov chief executive officer Russell Quirk, noted, ‘it’s now abundantly clear that the brief resurrection of London’s prime central London market witnessed in March, was an artificial skew as many scrambled to complete a sale before April’s stamp duty deadline.’[1]

‘It seems the extra 3% levy has slowed London’s top end market and this will inevitably lead to further, sizeable reductions in property values,’ Mr Quirk continued. [1]


About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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