August completes slow summer but stock under offer signals improvement ahead August typically sees lower activity across the prime London sales markets and this year saw that trend mostly maintained. Sales volumes were low and prices fell, but new instructions and the number of homes going under offer both rose. There were 23.9% fewer transactions in August than the same month a year ago, and 23.6% fewer than the 2017-2019 (pre-pandemic average) August average. This was the second month in a row with activity more than 20% below last year. However, under offers were 13.3% higher in August on an annual basis and have now risen for three consecutive months. With the average time from under offer to exchange around 90 days we expect to see this translate into higher sales volumes in autumn. This is despite rising numbers of deals falling through – these were up 13.6% in August compared to the same month last year
Sales volumes remain low but under offers, instructions, price reductions all rise. Measures of sales activity across prime London remained mixed in July. New instructions and under offers increased but transaction volumes fell. Average achieved prices were broadly unchanged on an annual basis.
It may be the start of the summer slowdown for the sales market, but for lettings, the market is limbering up. Traditionally September is when lettings' agents are at their busiest, but just as the selling season has shifted in recent years, so has lettings. Talking to lettings' agents I hear that July is the new September and that if you want to get ahead of the crowd, now is the time to look for your early autumn let.
The prime London sales market was subdued in May, with transactions particularly low for the time of year. Values decreased slightly on an annual basis and all activity measures bar price reductions were lower than May 2024. There were 35.8% fewer transactions in May than the same month a year ago, and 33.5% fewer than the 2017-2019 (pre-pandemic average) May average. The number of properties going under offer was 22.3% lower than a year ago and 2.4% lower than the 2017-2019 (prepandemic average) May average. Under offers are a leading indicator for transaction levels, suggesting lower activity in the coming months.
Activity in the prime London sales market in April was always likely to fall back after the spike in March, and so it proved. Prices fell slightly on an annual basis, while new instructions and price reductions continued to rise. There were 26.2% fewer transactions in April than the same month a year ago, and 22.9% fewer than the 2017-2019 (pre-pandemic average) April average. The number of properties going under offer was 15.7% lower than a year ago but 9.6% higher than the 2017-2019 (prepandemic average) April average.
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