The sales market stalled slightly across prime London over the first three months of the year, while in the lettings market, rents continued to rise. Sales volumes fell in Q1 of 2023 as buyer demand, dampened by the wider economic outlook, declined. That said the number of sales across prime London remains largely in line with pre-pandemic trends. New instructions are rising, particularly in higher-value markets, which, if buyer demand holds up, could be an indicator of a pickup in sales activity later in the year. Whether these shifting conditions mark a return to a more ‘normal’ sales market or are the start of a downturn remains to be seen.