Monthly Briefing: Prime London Market - June 2024

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Image Shapae

Report highlights 

Price reductions and new supply add to buyer choice in prime London sales market. Prime lettings growth slips but values remain high.

Sales market

  • New £5m+ sales instructions in May alone were 51.8% higher than last year, and almost double the pre-pandemic (2017-2019) May average. The year-to-date figures show significant increases compared to both last year and pre-pandemic levels.
     

Lettings market

  • Annual rental growth across prime London slowed again in May but remained in positive territory at 1.1%. This is the lowest rate since August 2021, but average rental values are still 28.3% above their 2017-2019 (pre-pandemic) level.
     

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