Prime London Market Update - Winter 2021/22

25 January 2022

Our Winter 21/22 Market Update - what a year 2021 was for sales and lettings.

Buyers wanted bigger and spent more in 2021 - in fact more than any other year since our records began in 2000 - while few would have foreseen the dramatic turnaround seen in the rental market over the last 12 months. 

In the final quarter, overall sales prices were 7.2% higher than the same period in 2020, supported by the continued popularity of houses and an increase in sales at the top end of the market. For lettings, new listings again failed to keep pace with new lets, driving further increases in rents in this quarter and adding further pressure to stock levels as we entered into the new year.

Scroll down to see some market highlights, or delve into your latest report by clicking on the button below:

Inside this issue:

Sales market:

  • Overall prices rose by 7.2% in Q4 2021 vs Q4 2020.
  • In Q4 2021 homes sold for £5 million or more rose 15% on 2020 and 47% on the previous five-year average.
  • Buyers spent £11.6 billion on prime London property in 2021, up 45% on 2020.
  • Sales charts: 'Total spend by property type - all Prime London' and '2021 transactions compared with 2015-2019 average'.

Lettings market:

  • Q4 2021 recorded 43% fewer listings than in Q4 between 2015 and 2019.
  • Just 12% of properties let in Q4 2021 saw a reduction in asking price before securing a tenant.
  • 20% fewer new lettings instructions in 2021 than in 2020 overall.
  • Lettings charts: 'New lettings instructions - 2021' and 'Annual change in achieved rents'.