Prime London prices and transactions fall in November but remain only slightly below long term average…The prime London sales market recorded a relatively subdued month in November, continuing a trend seen throughout 2023. Average achieved prices were slightly lower than a month earlier and the annual rate of change was -4.1%, the largest fall since August 2019. However, the longer-term context shows that values are broadly unchanged from a decade ago and in fact are now 1.6% higher than five years ago and 4.1% higher than 10 years ago. Transaction levels were also down in November (by 32.1%) on an annual basis, despite a high number of properties going under offer in October. However, we have not seen a rise in fall throughs which suggests deals are just taking longer to proceed. On the supply side, November saw 5.0% more new sales instructions compared to the same month last year which is good news for those looking to buy. It’s worth noting that while November’s sales activity may look low compared to last year, looking further back suggests that 2023 will only be slightly below the long-term average. Our records show that for transactions recorded in January to November each year, 2023 is within 10% of the average from 2005 to 2022.
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