The third quarter of 2023 saw the market trends from the early part of the year continue. For the prime London sales market that meant weak demand feeding into falls in both values and transaction levels. On the lettings side, supply continued its slow recovery and demand remained strong for lower priced homes. It is sales activity that continues to be harder hit than values. Transaction volumes have fallen significantly compared to the stronger sales market seen in 2021 and 2022 but remain in line or even slightly ahead of where they were pre-pandemic. Despite ongoing economic uncertainty, further price falls are likely to be limited by the level of equity in the market and the low growth seen over the past decade. The market for homes at £5m and above has also seen falls in activity from recent highs.
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