Prime London Market Monthly Briefing August 2023
The positive signs emerging in June didn’t last long, with the prime London sales market slowing down again in July. Average achieved prices fell by 2.6% compared with a year earlier. All three sub-markets across prime London recorded falling sale prices in July, with prime central London’s 3.4% drop the largest. While the market is often quieter as the summer holidays start, last month’s activity was low compared to the typical July. Transactions in July were 26.1% lower than the same month last year, and 9.1% lower than the prepandemic July average, i.e. from 2017 to 2019. New instructions in July were 12.4% lower than a year earlier, but for the calendar year to date they were up slightly, by 2.6%. The July figure was also 6.4% above the 2017-19 average.
