At the halfway point of 2023 the prime London sales market remained subdued, with house prices broadly flat and most measures of activity trending downwards from the higher levels recorded in 2021 and 2022. The lettings market is still seeing strong demand and limited supply, resulting in competition between tenants and continued rental growth. The stock of homes for sale is growing, as new instructions have been steadily increasing while transactions fall back. This has been particularly marked in the £5m+ price band, where Q2 saw the highest number of new instructions on record, with sales unable to keep pace. The falls in activity in the prime London rental market appeared to be bottoming out in Q2, with new instructions and agreed lets both remaining around 50% below their pre-pandemic levels. These falls may be overstated as rental demand is so strong that a significant proportion of properties are being let without listing, so are not captured in the data.
This website uses cookies to ensure you get the best experience on our website. More info
