Deals drying up in Prime London as sales market goes into holiday mode

17 August 2023

Prime Resi

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.

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