Busy Development Pipeline Leaves London Home Shoppers Spoiled for Choice

25 September 2022

Mansion Global

Despite a summer filled with record-breaking temperatures and travel disruptions, London is almost back to its pre-pandemic bustle, and that’s been a boost to the property market.

A recent Knight Frank report said the U.K. capital has a strong pipeline of prime sales transactions, showing “there’s currently a healthy appetite for higher-priced homes.” The report said the number of offers accepted on prime homes across the capital in July was the highest in a decade. The top end of the market (homes priced £5 million or more) have seen the biggest increase in new instructions in August, up 30% on 2018 levels, according to the latest market analysis by LonRes.

Figures from LonRes show the average price of a prime central London home grew by 4.2% year on year in August (3.1% higher than their pre-pandemic average between 2017 to 2019). Though the same report found the number of deals falling through in August had spiked 33% over a year ago, showing there is some uncertainty in the market.

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