Prime London Market Update - September 2021

17 September 2021

Size continues to matter to London buyers this summer as LonRes data reveals that the average size of properties sold in July and August was 20% higher than the 2016 to 2019 average. By contrast, in the lettings market the opposite has been true with an increase in prime London tenants choosing location over space, as workers head back to the office.

Find out more

Inside the September issue
 

Sales market update

  • In July and August 2021 prime London properties sold were 20% or 253 square foot larger than the 2016 to 2019 average.
  • ​July and August recorded a 51% increase in sales at £5 million or more compared with 2019.
  • New instructions in August were 11% higher than the 2015 to 2019 average.
  • Sales charts: 'Transaction volumes by price band pre and post SDLT deadline' and 'Change in achieved prices - August 2021'.

Lettings market update

  • New instructions in the eight months to August were down 26% on the long-run average.
  • With less stock on the market and increased competition, August recorded a 2.8% annual increase in achieved rents.
  • Fewer properties have needed a reduction in asking price with August seeing a drop in average discounts to 4.1%, down from 9.1% in August 2020.
  • Lettings charts - 'Average void days' and 'Achieved rents in August 2021 - change since peak and annual change'.

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Contact

Marcus Dixon
Head of Research at LonRes
T: 020 7924 6622
E: research@lonres.com

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