Prime London’s spring bounce falls flat as buyers ‘play a waiting game’

16 May 2023


So much for a spring bounce. Prime London’s housing market failed to launch in April, with prices flat and transactions staying well below average.

Fresh data from LonRes confirms agreed sales were at their lowest level on record last month – not counting the lockdown-affected April 2020 – coming in nearly 35% below those seen a year earlier. Year-to-date volumes are down more than 24% annually, but only 1.4% below the 2017-19 (pre-pandemic) average.

Meanwhile, the number of properties marked as under-offer in April was 11.7% lower than a year earlier, so we’re unlikely to see much of an improvement over the coming months.

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