Prime London Market Update - February 2021

22 February 2021

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Inside the February 2021 issue

Sales Update

  • As we ended the first month of 2021, LonRes data records that new instructions fell 15% compared with January 2020.
  • The number of homes sold in January 2021 was up 4% on January 2020 and 3% higher than the average number of January sales between 2015 and 2019.
  • Houses continue to see higher annual increases in prices than flats. Flats sold in the last three months (November to January) saw achieved prices rise 0.4% compared with the same period a year earlier, this compares to a 5.2% increase for houses.

Lettings Update

  • In welcome news for landlords, the number of properties reaching the market to let in January rose just 2% on January 2020 and remained 24% lower than the average between 2015 and 2019.
  • The number of new lets up 3% in January 2021 compared with January 2020.
  • The number of homes on the market remains higher than usual, with 66% more properties available to let than that at the end of January 2020. Yet with fewer January instructions, this is starting to fall.

LonRes Charts

For sales

  • New instructions, stock levels and properties put under offer - annual change
  • Achieved prices - £ per square foot

For lettings

  • Properties available to let and new instructions - annual change
  • Achieved rents - annual change

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Contact

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

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