The May prime London sales market was characterised by growing supply and increasing numbers of price reductions, with demand staying steady. Transaction levels remain lower than last year but other indicators suggest a relatively healthy market – under offers are rising and fall-throughs are down. Average values, based on achieved £ per sq ft figures, fell by 2.8% in May on an annual basis, leaving prices approximately in line (+0.7%) with pre-pandemic levels. Actual average prices have now risen slightly for three consecutive months, adding to the evidence that prices have bottomed out. Looking longer-term, values are 3.2% below where they were 10 years ago. Transactions in May fell by 14.8% against the same month last year and were 5.8% below the 2017-2019 (pre-pandemic average) May average. The number of properties going under offer in May was 4.3% higher than a year ago. This builds on strong growth in April and suggests the pipeline of deals is healthy.
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