Monthly Briefing: Prime London Market - March 2024

21 March 2024

Prime London sales values slip back while transactions remain broadly unchanged. Supply and demand begin to balance in the lettings market as rental growth stabilises.

A few key insights: 

AN ACTIVE MARKET

Transactions were slightly lower than a year ago, by 2.7% but, in general, activity is holding up relatively better than values.

INSTRUCTIONS ON THE RISE

New instructions rose by 1.0% on an annual basis - more than 20% higher than the 2017-2019 (pre-pandemic) average.

RENTAL MARKET GREEN SHOOTS

Annual rental growth across prime London rose, taking values to 26.7% above their 2017-2019 (pre-pandemic) average.

LETTINGS ACTIVITY BUZZ

LonRes data for February indicated an annual increase of 14.2% in lets agreed and a 17.6% increase in new instructions.

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