Prime London's sales market slowing as buyer confidence ebbs - LonRes

14 June 2023

Prime Resi

There’s more evidence that London’s prime property market is settling back into its pre-pandemic state after a rollercoaster ride in recent years.

Compared to last year, May was a quiet one. The latest LonRes data shows transactions, new instructions and under-offer numbers were down by 26.7%, 7.9% and 20.4% respectively.

But 2022 was a strange old year. Comparing those figures to the average between 2017 and 2019 suggests a return to normality, rather than any kind of crash.

By this measure, transactions fell by 6% while new instruction and under-offer numbers were pretty much unchanged – suggesting we’re unlikely to see those activity levels improve much over the coming months.

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