Prime London Market Update - December 2021

16 December 2021

The rollercoaster ride of the last 12 months continues for the lettings market as our November figures show that rents continue to rise, stock levels are at historic lows and discounts are a rarity. In fact, discounts are now at their lowest level since LonRes records began in 2005.  

For sales, 2021 has undoubtedly been a good year and, despite the usual seasonal slowdown in activity, the top end of the market continues to be busy. Sales over £2 million have been higher than the long-run 2015 to 2019 average every month since July 2020.

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Inside the December issue

Sales market update

  • In November, overall listings were down 23.0% on November 2020 and 4.8% down on the five-year (2015-2019) November average.
  • 27.6% fewer flats were listed in this November compared with last, while family house listings were up by 0.7%.
  • Across the whole of London's prime catchment area, prices in November rose 2.7%.
  • Sales charts: 'November 2021 - Annual change in New Instructions, Transactions & Prices' and 'Value of sales by type'.

Lettings market update

  • Rents continue to rise and now stand 2.7% above pre-pandemic levels (Feb 2020) and 4% higher than in November 2019.
  • This November saw the number of rental properties reaching the market drop by 42% compared with the same month in 2020.
  • Just 10% of properties let in November saw a price reduction - this compares to 52% in April this year.
  • Lettings charts - 'Average discount achieved off initial asking rent' and 'Change in rents since February 2020''.

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