The first quarter of 2024 saw little change in the prime London sales market, with activity remaining subdued and further small falls in average prices. For prime London lettings, rental growth stabilised and activity increased slightly, indicating a more balanced market. Our analysis shows that the clearest trend in the sales market is an increase in available stock. New instructions rose by 4.5% in Q1 on an annual basis, while there were lower levels of agreed sales and properties going under offer. This has resulted in a 9.7% rise in the number of homes for sale at the end of March compared to a year earlier. This trend is stronger in the £5m+ market, with a 26.5% rise, though activity here is also higher. In the lettings market, annual rental growth is still in positive territory at 1.2%, but well down from the 2022 peak of more than 20%. Activity is still constrained by a lack of supply, although this is gradually improving. New letting instructions grew by 14.4% annually in Q1, but this is only just over half the average 2017 – 2019 (pre-pandemic) level.
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