The average price for buy-to-let properties has fallen 27% to £816,429 over the last 12 months.
The number of buy-to-let investors in prime central London fell by almost a third, Land Registry data has shown.
The average price for buy-to-let properties has fallen 27% to £816,429 over the last 12 months.
Homebuyers now represent 45% of all purchases, tripling their share from 2016, with the increase in high value sales leading to transaction data showing the £5-10m price bracket was the most active in Q2.
Naomi Heaton, chief executive of London Central Portfolio, said: “As international homebuyers identify attractive discounts on top-end properties, particularly as sterling remains weak, they have actively re-entered the market, snapping up deals in London’s best addresses.
“In stark contrast, buy-to-let investors have remained on the side-lines trying to call the bottom of the market, resulting in a much-reduced share of purchases.”
The volume of house sales saw a quarterly increase in average prices of 4.1%, whilst the flats sector transactions fell by 11% and prices increased by 2.6%.
Heaton added: “Savvy buyers are recognising the attractions of unique older properties and the added value potential of refurbishment in the current unsettled economic climate.
“Against this backdrop, new build speculators have pulled back in the face of uncertain or negative returns and the disadvantages of over supplied and commoditised stock.”
