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Glimmers of hope in Prime London data from LonRes

Data consultancy LonRes has given a typically upbeat assessment of the Prime London sales market - despite the effects of Coronavirus and Brexit.

It’s compared April 2021 data with April 2019 figures, as the market was shut during that month in 2020.

It says new instructions in April 2021 were 35% per cent higher than in April 2019 and 10 per cent higher than the five-year April average.


Transaction volumes - exchanges - in April were up 21 per cent on April 2019 levels and five per cent higher than the average April figure between 2015 and 2019.

The number of properties going under offer rose in April, up 58 per cent on April 2019, 57 per cent higher than the five-year April average and representing the highest April since 2013.

Achieved prices in April fell by 0.4 per cent in Prime Central London and by 2.0 per cent in Prime Fringe areas.

Prices across the three LonRes catchment areas were up by an average of 2.9 per cent on April 2019 levels.

Marcus Dixon, head of research at LonRes, says: “With the housing market closed for business in April last year it was expected that this year would be busier than last. Yet the stamp duty holiday extension and the reopening of the UK economy resulted in levels of activity which far exceeded expectations.  

“The number of homes put under offer this year were at their highest level for any April over the last eight years.  The same was true of transactions which outperformed the long-run average by five per cent.

“Unlike other areas of the country, where demand for homes has outstripped supply and prices rose rapidly, the same cannot be said for prime London.  Over the last 12 months prices across the capital’s most expensive postcodes have seen little movement.  And stock levels – family houses aside – have steadily risen too.”


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