Prime central location (PCL) property transactions have increased by 48% from the first half of 2019 to the first half of last year, data from CapitalRise and Savills reveals.

The data outlines the strong recovery of the PCL housing market since the first national lockdown in March 2020, with PCL transactions now surpassing pre-Covid levels.

In comparison, the data shows that the wider UK market has only seen a 9% rise during the same period.

The strong post-pandemic rebound of the PCL market has been spearheaded by a 71% spike in sales of properties valued at over £5m.

The data also reveals that between H1 2019 and H1 2022, transactions in the PCL property market peaked in June 2021, coinciding with the conclusion of the Stamp Duty Land Tax holiday.

The PCL market saw an 89% increase in transactions from May to June 2021.

CapitalRise chief executive and co-founder Uma Rajah comments: “Today’s data improves the PCL market’s reputation as an incredibly resilient sector of the property market, which quickly and consistently bounces back from economic downturns.”

“The considerable wealth of buyers and sellers at this point of the market, and the natural constraint on supply are both central to the resilience of the Prime Central London market. While there is concern for the outlook of the wider UK property market, the prospects of the PCL market are much brighter.”

“Indeed, we may see a further boost to the market as the declining value of the pound boosts international investment. Only time will tell, but previous data suggests that the PCL market is well positioned to resist large financial shocks and continue to offer great opportunities.”