Research by emoov.co.uk has found demand for property in prime central London (PCL) has declined dramatically, falling 3% overall since the start of May…

The latest data shows how the Tory win election result has had a lack of impact on the market and that demand in more than 60% of the PCL market is still falling.

Russell Quirk, Founder and CEO of eMoov, said the PCL market was still a graveyard and was interested to see that pre-election demand was actually higher than it is now the outcome has been decided.

“I don’t think the threat of a Mansion Tax disappearing has done much in the way of restoring the market,” said Russell.  

“People just aren’t buying throughout a lot of London, let alone the £2m+ market and many boroughs have seen a decline.

“I don’t think that there is many that will shed a tear for the well-heeled, sharp suited Mayfair type property predators. They have long crawled along the golden streets of prime central London, yet it seems that the tide has turned with volumes of stock collapsing and high end businesses teetering on the brink of financial ruin.

“Given the colossal fall in demand, it could be several years before the PCL market recovers.

“Probably even longer before this demand drives prices back to the grossly inflated heights of 2013/14.”