New instructions surge in Prime London amid ‘surprisingly busy’ summer sales market

16 September 2020

Prime Resi

The latest Prime London briefing from LonRes has shown a big rise in new listings, amid a “surprisingly busy” summer sales market.

August is usually one of the quieter months for prime agents, but instructions this time round were running at nearly double the levels of last year (up 97%), and 13% higher on a monthly basis (a quick check back at last year shows new listings dropping off by 30% between July and August).

Recorded sales were 23% lower last month on an annual basis, compared to falls of 25% in July and 44% in June, and LonRes is expecting it to take another month or two before any annual growth shows up (there is currently an average timeframe of 70 days between a property going under offer and exchanging, down from 88 days in June).

The signs are looking quite positive, however – the firm recorded an 8% rise in the number of offers accepted in August, following a 10% annual increase in July.

Average prices in August were up by 2.8% on the same month a year ago, while the average discount achieved off the initial asking price fell to 7.3%, down from 8.2% in July 2020 and 8.9% in August last year.

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