New homes sales in London increased by 66.7% in Q3 compared with the same time last year, according to internal data from Foxtons.
The total value of these transactions increased by 64.8% year on year.
The firm also recorded a 40.6% rise in new homes going under offer, with the total value of these homes under offer increasing by 42.8%.
The average price of new homes under offer in Q3 was up 1.6% compared to the previous year.
Data from TwentyEA highlighted Foxtons’ position in the London new-build market, holding 12.5% of total market share for new instructions, compared with its closest competitor, which held 3.2%.
Foxtons accounted for 10.1% of the market share of exchanges, compared to 4.4% for its nearest competitor.
Joel Ellis-Duffy, new homes sales director at Foxtons, said: “While it’s fair to say that the new homes landscape has faced its challenges of late, at Foxtons, we’ve seen a very strong performance building throughout much of this year, with Q3 delivering a significant uplift year on year.
“This is a trend we expect to continue for the rest of 2024, with Q4 shaping up to be considerably better than this time last year.
“Although the economic headwinds, caused by higher interest rates, blew that little bit harder across the new-build sector, we’re now seeing more offers being made and accepted and more transactions reaching completion.
“This increased level of market activity is also bringing a significant boost to the total market value being transacted.”
