Prime London market busier than post-election bounce, as high-end sales continue to soar

After a small fall in the number of homes going under offer in January, February saw under offers increase. The number of homes put under offer in February was up 9% on the same month a year ago and 19% higher than the five-year (2015-2019) February average.

February recorded an 8.8% increase in exchanges this year compared with last.

Sales volumes rose too, with February recording an 8.8% increase in sales (exchanges) this year compared with last. Comparing sales by price band over the last three months (December to February) shows that sales increased across the board. But it was the £5million+ market which continued to record the highest annual rises, up 19% on the same three months a year earlier.

Over the last three months (December to February) achieved prices across prime London fell by 1%. Both homes selling for below £1 million and above £5 million saw small increases with properties sold between £2 million and £5 million recording a 3.5% annual fall.

Looking ahead continued growth in under offer volumes means that the sales pipeline is well placed for further growth in the coming months. However, there remain some challenges ahead, most notably when overseas buyers can return. But we still expect good things from London’s prime market this year and buyers appear to feel the same.