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
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