Hi, my name is Danny Valencia with My City Nest powered by Keller Williams property specialist and a passionate Londoner. And today I'm excited to share with you the results for 2019 when it comes to residential sales in prime London areas. As we look at the Lonres report for 2020 winter review, before we dive into 2019 report, one of the things I wanted to share with you was the house price rises over the last 20 years in the prime London area, which had been significant, especially when we compare this to the 20 years earlier. To give you an example, Lonres has given us an example of a property in Chelsea, so this property in Chelsea in 1980 sold for £152,500 was just over. Now that same property in 1995 sold for just over £525,000 when we compare that because it's sold in 2006 when we compare that same property sales for £3.375M and above that's a significant substantial increase when compared to the 20 years earlier.
So on that same note, I just want to share with you this chart. So as we look at this graph, we've seen from 1999 you see pretty much a flat line until it starts to increase and around about 2005 especially substantially in 2006 until we reach that peak in 2007 which was short lived because in 2008 of course we had the financial crisis, so that kind of falls off the cliff from there.
Now after them, it starts to gradually start picking up around about 2009 and it takes around about five years to reach that peak of around about 2014 after which is to be quite flat and then dipping in some areas, especially falls off of course when the Brexit announcement is made and starts dipping going up and down, especially substantially in 2018 which uh, mid 2018 goes really, really down and those backup and then picks up in 2019 which is pretty much the momentum that we have now in 2019 so that brings us to 2019 market, which has been an interesting year, especially when we look at the election itself.
So when the election was announced, we thought that prospective buyers will be holding back and waiting to see what the outcome of that election was going to be. And on the contrary, they actually were very proactive, very quick to get these deals agreed and if we look at the prime central London alone, have that increase of 34% when compared to the same year in terms of the transaction from 2018 that's a 34% increase compared to 2018 now what's even more interesting to see is the price bracket of £5 million and above. Now, this price back has been quite sluggish until Q4 of 2019. In fact, there was an increase of 78% in the Prime Centeral London area. That's a big jump, 78% so clearly there's more confidence in that premium area. But the challenge we're facing at the moment is the lack of supply.
There's a huge amount of demand, but the supply is just not keeping up. And you can see that, especially in a Q4 for 2019 we can see that there was 7% down when compared to the same period of 2018. So, let me share with you some numbers. So, as you can see from the images you have £1.1 Billion, total value of homes sold in Q4 2019 when we look at Prime Central London and what's numbers does best as surveying agents and what's good to see is the confidence coming back to agents as well. 80% of agent expect an increase of domestic buyers in 2020 plus 34% annual increase in transactions Q4 2019 and again that's Prime Central London. Another number that stands out to me is 1,200 square footage on average was achieved in Q4 2019 in three prime areas. So you can see 87% of agents expect new instructions to increase in 2020 so again, a real confidence there when it comes to surveying agents, which is great to see.
So just to point out, there are still challenges that we face today, especially when we look at the transaction levels compared to five years ago. We're still 21% down and yet we still have momentum for this year and I believe that 2020 is going to be a busy one.
So let me give you a high level review of this report. Now, buyers are dying, they're crying out for more stock, and here's the thing. Sellers are simply not giving it to them. They're not giving the stock that they need because they're stuck in what I believe and what I call "Brexit Paralysis". What's even more, I believe that sellers are stuck in this old way of thinking, which is that they're going to wait for the spring market to put the property on to the market just the last few days ago, Rightmove release, a report of the highest number of people looking through their portal in January, ever recorded. Now that shows, and that's evidence that buyers are not willing to wait until spring. They're ready now and the crying out for more stock.
So if you have a property that you want to put in the market, feel free to reach out to me. My name is Danny Valencia, My City Nest powered by Keller Williams, or perhaps you have a property on the market and you want to find out more what's happening. Feel free to get in touch. Thank you.