Monthly Briefing: Prime London Market - August 2023
24 August 2023
The signs suggest that rental market growth continues, and instruction levels are increasing... but is the sales market slowing down? Find out in your August Market Briefing!
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A few key insights:
Sales transactions were 26.1% lower than the same month last year, and 9.1% lower than the 2017-2019 (pre-pandemic) July average.
SLOW AND LOW
Sales market leading indicators also point to a slower market, reversing some of the positive signs from last month. The number of properties under offer for the month was 30% lower than a year earlier and new instructions were down 12.4% on the same basis.
Annual rental growth in this month was 9.1%, the highest level in six months. This increase took rents to 28.4% above their 2017-19 (pre-pandemic) average.
LET'S AGREE TO DISAGREE
LonRes data for June indicated an annual fall of 23.5% in lets agreed and a 5.3% fall in new instructions, with activity remaining at around half of pre-pandemic levels.*
*Rental demand is so strong that a significant proportion of properties are being let without listing, and are therefore not captured in the data.