Monthly Briefing: Prime London Market - February 2024

20 February 2024

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.

A few key insights:

PROMISING START

It’s been a relatively positive start as the number of properties going under offer grew by 5.4% on an annual basis in January.

BACK TO REALITY

The £5m+ market continued its return to more normal activity levels after a strong two years.

RELATIVE SLOWDOWN

The pace of annual rental growth slowed in January... taking values 26.1% above their pre-pandemic average.

ANNUAL FLUXES

LonRes data for January indicated an annual fall of 11.5% in lets agreed and a 22.1% increase in new instructions.

 

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