London’s luxury property market is still soaring, but stock levels are on the slide
15 November 2021
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The upper-end of the London property market is still motoring along, according to the latest stats from LonRes, but depleted stock levels means that buyers now face a distinct lack of options.
Comparing transaction volumes in the higher and lower price ranges shows a markedly different picture, which is largely put down to the stamp duty holiday effect.
Sales below the £2m mark were down by 31% in October, compared with the same month in 2020, and 35% on October 2019; meanwhile, in the £5m-plus range – where deals were less likely to have been brought forward to earlier in the year – sales were up 10% on 2020 levels, and 29% higher than the same period two years ago.
Overall, volumes across the prime postcodes were down 26% on a busier-than-usual October last year and 19% lower than in 2019.