Prime London simmers down after record-breaking deal surge

9 August 2021

PrimeResi

After June’s record-breaking antics, July was a pretty quiet one for exchanges across Prime London.

The first numbers from LonRes covering the post-SDLT holiday deadline period show transactions were down 39% on the five-year average; the year-on-year fall was 22%.

Many deals were pulled forward to take advantage of the £15k saving, said the data firm, with the biggest impact unsurprisingly seen in the lower price ranges. Sub-£1m, sales were down 40% on July 2020 and 58% below the July average for the last five years.

It was a different story above £5m, where £15k makes far less of a dent in the overall cost of buying; here, transactions rose by 22% on last year and 9% on the long-term average. In fact, July was the biggest month for £5m-plus deals since 2015 (read Savills’ in-depth analysis of what’s been happening above £5m here).

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