Prime London Market Update - Spring 2023

21 April 2023

Report highlights:

Sales market:

• Activity in the £5m+ market fell by 32% in Q1 compared to a year earlier, back in line with 2019 levels.
• The number of £5m+ properties going under offer increased by 20% in the first quarter, so sales at the top end of the market are set to increase again in Q2.

Lettings market:

• Prime central London saw a small quarterly fall in rental values of 0.6% in Q1, following strong growth in Q4 2022.
• Strong annual rental growth was seen in all local markets across prime London in Q1, with many neighbourhoods recording rises of over 10%.

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