Summer scramble in Prime London as vendors head to market
20 August 2020
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July has traditionally been seen as one of the quieter months in Prime London – but for well-documented reasons, this year has been quite different.
Instead of a summer lull, the latest data from LonRes shows a huge rise in new instructions and the first annual increase in properties going under offer since March.
The number of new properties reaching the market in July was up 39% on levels recorded a year ago, noted the firm, but all the extra activity (and fewer listings earlier in the year) means the number of homes available to buy now is just 9% higher than at the same point in 2019.
Exchange volumes are still being affected by the lockdown that covered much of Q2, and the number of transactions recorded across the prime postcodes in July was 28% down compared to July last year. PCL has recovered more quickly, however, with exchanges just 14% below 2019 levels.