Prime London buyers still splashing out on larger homes

6 September 2021

Prime Resi

New data has shown how London’s prime market performed over the summer – and it seems the “race for space” trend is no flash in the pan.

Over half (54%) of properties sold in July and August had three or more bedrooms, according to LonRes, while the average home sold during the period was 20% larger than average (1,507 square feet compared with 1,254 square feet between 2016 and 2019).

The shift has also had a big impact on the average price paid across the prime postcodes. Buyers were spending an average of £2.34m during the two-month period, £440k (23%) more than last year.

The stampede to beat the stamp duty deadline in June meant transaction volumes over the last three months were a full 76.2% above the same period last year. Things soon dropped off afterwards, however, and August’s deal tally was 15% down on the same month in 2020.

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