Deals drying up in Prime London as sales market goes into holiday mode
17 August 2023
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The Prime London sales market wound down for the summer last month, with activity levels unusually low – even for July – and reports of a general “lack of urgency” amongst buyers.
The positive signs spotted in June’s data didn’t last long, said LonRes, recording a 2.6% annual fall in prices across the prime postcodes. The largest drop was seen in PCL (3.4%).
Things are often quieter as the summer holidays start, but last month’s transaction volumes were 26.1% lower than the same month last year, and 9.1% lower than the pre-pandemic July average. New instructions in July were 12.4% lower than a year earlier, but up 6.4% on the 2017-19 average.