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Prime London property market moves from ‘frantic to normal’

Prime London sales activity remains above pre-pandemic levels despite an annual drop, figures suggests.

Analysis of the prime London market for the first half of 2022 by data company LonRes shows sales fell 29% annually but were still 19% higher than during the first halves of the three years leading to the pandemic.

Prices across prime London also continued to rise in June, up 7.2% over the year and 1.6% higher than their pre-pandemic average, LonRes said.

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Some parts of the market have continued to show robust signs of activity, according to the analysis.

The top end of the market - homes priced above £5m- is still recording activity in line with 2014 levels and sales in the year to June were 11% higher than during the same period of 2021.

This compares to the £2m to £5m slice of the market where activity is currently just 1% higher than at the same point last year.

Meanwhile, sales of houses remain stronger than for flats as the post-pandemic world where space – inside and out – has been notched up buyers’ wish lists.  

House sales are just 12% below their 2013-14 peak levels while flats are 37% lower.

Anthony Payne, managing director of LonRes, said: “Prices across prime London are still rising although this partly reflects the rapid growth last year and we expect annual price growth to slow during the second half of 2022. 

“Meanwhile activity levels have fallen from last year’s stamp duty-fueled but are still above the levels recorded in the years prior to the pandemic.

“As we end the first half of the year, all the sales indicators show that the prime London housing market is moving from what has been a frantic period to a more normal one.  

“Last June buyers were rushing to complete on deals to beat the stamp duty deadline and June’s figures for this year, reflect this.”

Prime Sales

Prime Lettings

Annual

Change

Change Since 2017-19

Annual

Change

Change Since 2017-19

Achieved prices/ rents

7.2%

1.6%

28.0 %

14.4%

Transactions/ new lets

-63.3%

4.4%

-46.2%

-47.8%

New instructions

-6.7%

19.6%

-28.5%

-44.6%

Source: LonRes

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