The positive signs emerging in June didn’t last long, with the prime London sales market slowing down again in July. Average achieved prices fell by 2.6% compared with a year earlier. All three sub-markets across prime London recorded falling sale prices in July, with prime central London’s 3.4% drop the largest. While the market is often quieter as the summer holidays start, last month’s activity was low compared to the typical July. Transactions in July were 26.1% lower than the same month last year, and 9.1% lower than the prepandemic July average, i.e. from 2017 to 2019. New instructions in July were 12.4% lower than a year earlier, but for the calendar year to date they were up slightly, by 2.6%. The July figure was also 6.4% above the 2017-19 average.
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