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.
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