Then vs Now: How prime London markets have fared under lockdown
7 May 2020
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n the absence of any semblance of a “normal” market, real-time data platform LonRes has opted to provide some top-line stats from the first four months of the year in its latest update, but keep the focus firmly on what comes next.
The numbers make for interesting reading, however (although galling is perhaps a better word).
Prices across PCL, Prime London and Prime Outer London rose by an average of 3.1% in Q1, compared with the same period in 2019, while transaction volumes were up by 9%.
PCL was the outperformer, with prices up 5.2% and sales jumping by 23%.
Instruction levels were also encouraging, with 22% more homes listed for sale across all three prime areas. Again, PCL was where it was at, with new listings up by a whopping 51%.
But that was then.
Since the week beginning 16th March, when the government advised those who could do so, to work from home, and the end of April, the number of properties exchanging contracts across the capital’s prime postcodes fell to around 35% of last year’s levels. Meanwhile, new instructions plummeted by 72%.