Monthly Briefing: Prime London Market - February 2024

Image Shapae
Image Shapae

Report highlights

Under offers and new instructions across prime London are on the rise, but prices remain at 2014 levels. Meanwhile, pressure on rents continues to ease as values fall for third consecutive month.

Sales market

  • A longer-term comparison of stock for sale by price band shows that the build up of available £5m+ stock has been a clear trend since early 2022. Relative to the levels seen at the end of 2019, there were 52% more £5m+ homes for sale across prime London at the end of January.
     

Lettings market

  • Rental growth across prime London slowed again in January, with average rents falling on a monthly basis for the third time in succession. Annual rental growth fell to 3.1%, but rental values remain 26.1% higher than their 2017-19 (pre-pandemic) average.
     

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