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.
Markets ebb and flow and while it may be spring, the market is proving a little sluggish. The cost of buying a property, and I don’t mean just the price, but the actual buying costs which include stamp duty, are now so high. And for some prohibitively so.
First price rise since summer 2023 but Prime London sales market remains mixed February the saw the first annual rise in prices for prime London since June 2023. This is despite stock on the market continuing to increase, with the monthly activity data showing supply growing faster than demand. The latest February data indicated a reasonable volume of activity for the time of year. Sales transactions fell by 8.4% compared with the same month last year but were 6.8% higher than the 2017-2019 (pre-pandemic average) February average. The number of properties going under offer was 11.0% higher than a year ago, and 18.8% more than the 2017-2019 (prepandemic average) February average
Prime London sales market resilient in face of headwinds The prime London sales market recorded a steady start to 2025 in January. Performance in line with previous trends is not usually noteworthy but, in the context of negative sentiment around the wider economy, activity and values remaining broadly unchanged can be taken as a sign of resilience. There were 2.0% fewer sales transactions in January than the same month last year, and 0.6% more than the 2017-2019 (pre-pandemic average) January average. The number of properties going under offer was 18.7% higher than a year ago, and 37.9% more than the 2017-2019 (pre-pandemic average) January average.
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