It has been another busy month for the top end of London's prime market. In October, the number of properties sold at over £2 million was up 5% on 2020 and up 29% on 2019. Activity at the lower end was quieter with 35% fewer sales under £2 million compared with 2020. However the sales market across prime London has already outperformed the full year transaction volumes for both 2019 and 2020.
In lettings, demand continues to outstrip supply. Agents report a rising number of existing tenants opting to renew, often accepting higher rents rather than searching for a new property in an increasingly competitive market. With October's stock levels down 72% on October 2020, achieved rents continue to recover rising 12.4% across prime areas of the capital, surpassing the previous peak in February 2020.