Property market malaise hits luxury homes in London

16 December 2022

The Times

Even prime London housing has not been immune to the downturn in the wider property market after the rise in interest rates and amid recent political turmoil, the latest data suggests.

The number of homes going under offer last month was down 14.6 per cent compared with November last year and sales agreed dropped by 4.8 per cent over the same period, despite the high-end market being less dependent on mortgages, figures from LonRes, a housing data business, show.

There are also signs of increased supply, with the number of new instructions up 4.6 per cent in November year-on-year.

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