Lack of overseas buyers hits London’s prime property market
25 September 2020
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With so much interest in suburban and rural living recently, we took a look at the property market in the capital’s most exclusive neighbourhoods, to see how its luxury real estate is being affected by the pandemic.
How many homes are selling?
In July and August, the number of homes sold (exchanged) across London’s prime areas across all price brackets was down by 24 per cent compared with the same period in 2019, according to data from LonRes, a research company. The biggest declines were for cheaper homes — sales of those priced under £1m dropped 36 per cent; for those priced between £2m and £3m, transactions were down 24 per cent. However, for the capital’s most luxurious homes, those priced above £5m — where sales tend to be less reliant on credit — transactions in July and August were actually significantly higher than they were last year: up 31 per cent on the same period in 2019.