Prime London Market Update - November 2021

18 November 2021

It has been another busy month for the top end of London's prime market. In October, the number of properties sold at over £2 million was up 5% on 2020 and up 29% on 2019. Activity at the lower end was quieter with 35% fewer sales under £2 million compared with 2020. However the sales market across prime London has already outperformed the full year transaction volumes for both 2019 and 2020.

In lettings, demand continues to outstrip supply. Agents report a rising number of existing tenants opting to renew, often accepting higher rents rather than searching for a new property in an increasingly competitive market. With October's stock levels down 72% on October 2020, achieved rents continue to recover rising 12.4% across prime areas of the capital, surpassing the previous peak in February 2020. 

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Inside the November issue

Sales market update

  • In October, there were 10% more sales of homes priced at £5 million+ compared with October 2020.
  • Achieved prices rose 4.6% over the last three months (Aug to Oct) compared to the same period in 2020.
  • There are fewer properties on the market now than there were a year ago, with stock levels down 12%.
  • Sales charts: 'Transaction volumes - change compared with 2019' and 'New instructions and available stock'.

Lettings market update

  • Prime central London recorded a 14.0% annual increase in achieved rents compared to October 2020.
  • Properties let on new tenancies were down 46% on October 2020, and 38% lower than in October 2019.
  • Voids this October reached their lowest level since 2017, at an average of 43 days.
  • Lettings charts - 'Average void days' and 'Annual change in achieved rents''.

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