Bounce back for prime London sales

Data from LonRes suggests the prime London sales market saw a bounce-back in transactions in July, although prices continued to fall across prime London by 4.9% on an annual basis in July, remaining broadly in line with 2017-2019 (pre-pandemic) levels.

Sales activity had its most positive month of the year so far, with 8.7% more transactions recorded than July 2023, 23.7% above the pre-pandemic July average. The number of properties going under offer also increased in July, up 23.6% compared to the same month last year. New sales instructions in July were unchanged from last year, and 2.3% higher than 2017-2019, according to the research.

The stock of available homes for sale continues to rise though, with 11.1% more properties on the market across prime London at the end of July than a year earlier.