London sales and lettings listings return but sold prices are down
8 June 2020
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Property Industry Eye
Marcus Dixon, head of research at LonRes, said: “Earlier this year there were some positive signs for the prime London sales market – more homes were reaching the market and transactions and prices were on the rise.
“As the UK locked down we saw some deals progress, but for the majority of buyers and sellers they simply pressed pause on their purchase or listing and waited. ”
Dixon said buyers are now returning but it is too early to tell what the impact will be in the short to medium-term.
He added: “Lettings too saw activity drop as the UK locked down.
“New lets agreed over the course of lockdown fell by more than two-thirds. Looking ahead landlords will be hoping that pent-up demand from tenants will be enough to absorb increased levels of stock currently on the market, if not we could see some further downward pressure on rents in the coming weeks.”