Figures suggest more bad news for London

New data suggests more bad news for agents operating in London.

We reported a 34 per cent reduction in year on year transaction volume in January and the trend has continued throughout February. With 522 transactions in February 2015 compared to 671 in February 2014, a fall of 22 per cent according to Lonres says Richard Barber, director at single-office Knightsbridge company W.A.Ellis.

The most dramatic reduction is within the sale of houses within Belgravia, Chelsea, Knightsbridge and Kensington which have dropped by 100 per cent [sic] from 40 sales in 2014 to 19 in the same period this year. These figures may sound alarming [but] it is always the same in the run up to an election he claims.

Data from LSL Property Services shows a fall in the average London house price over the past month, although more affordable areas benefitting most from stamp duty reform - partiularly Newham, Barking and Dagenham, Bexley and Waltham Forest - are still performing well.

Meanwhile the latest price index Home.co.uk includes the statement: In central London, where the slowdown originated, the typical time on market has increased around 15 per cent and the number of properties on the market is 41 per cent higher than 12 months ago.