In April 2024, the prime London property market showed signs of resilience with a modest increase in property values and a significant rise in new instructions, despite broader economic uncertainties, according to analysis from LonRes.
Nick Gregori, head of research at LonRes, said: “The prime London sales market is showing some resilience in the face of negative external factors– such as high interest rates and global geopolitical issues – but activity for the time of year remains relatively subdued.”
The sales market in prime London saw an annual increase of 19.9% in properties going under offer, suggesting potential growth in future transactions.
However, actual sales activity remained subdued, closely aligning with levels from the previous year but still lagging behind pre-pandemic averages.
Notably, new instructions for April surged by 26.7% year-over-year, indicating a growing inventory of homes for sale.
Gregori further noted: “Sellers are looking a little more decisive, with new instructions increasing again in April and many of those already on the market willing to reduce asking prices in order to secure a deal.
“The number of homes for sale across prime London is steadily rising, but price falls have been slowing in 2024 so far, suggesting there is relative balance between demand and supply.”
On the lettings side, the market is slowly recovering, with a 12.4% increase in lets agreed over the previous year, although it remains well below pre-pandemic levels.
Rental growth was stable at 2.9%, maintaining a trend of moderate increases.
