Knight Frank’s network of residential sales offices in London had a record month in June as the end of the main part of the stamp duty holiday boosted transactions across the market.
The month of June, and the quarter of the year ranging from April to June, saw two separate records for its London offices.
The agency’s head of London, James Clarke, says: “Buyers racing to beat the stamp duty holiday deadline, core and prime levels of market trading well, and our prime central London offices in particular all contributed to an extremely busy month in June.
“Our super-prime [£10m-plus] team has also seen very strong activity, and we expect this to continue as buyers choose to move back into the city and international travel restrictions are eased.”
The number of transactions carried out by Knight Frank in prime London markets in June was the highest on record. The June figure was 53 per cent higher than March this year, the second highest month on record when transactions spiked ahead of the original stamp duty holiday deadline, which was deferred to last month.
The number of new prospective buyers registering in June was 42 per cent above the five-year average for the same month. Meanwhile, the number of offers agreed was 86 per cent higher than the five-year average.
Prices in prime central London grew by 0.5 per cent in the three months to June, which was the largest quarterly rise since August 2015. It took the annual increase to 0.7 per cent - small, but nonetheless the highest since March 2016.
In prime outer London, there was a 3.1 per cent increase in the year to June as property markets in the London suburbs continued to recoup losses incurred during the pandemic.
Wimbledon is the only area of London to have shown double digit growth, with annual price growth of 10.5 per cent in the year to June. This is followed by Dulwich up 7.5 per cent in the year to June, and Richmond up 6.8 per cent.