LonRes Research: Prime London Monthly Briefing: August 2023 LonRes Research: Prime London Monthly Briefing: August 2023
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The latest LonRes Monthly Briefing reveals the complexities around what is really going on in the prime London market, from the expected to the surprising.
The signs suggest that rental market growth continues, and instruction levels are increasing... but is the sales market slowing down?
Find out in your August Market Briefing!
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Sales market leading indicators also point to a slower market, reversing some of the positive signs from last month. The number of properties under offer for the month was 30% lower than a year earlier and new instructions were down 12.4% on the same basis.
Annual rental growth in this month was 9.1%, the highest level in six months. This increase took rents to 28.4% above their 2017-19 (pre-pandemic) average.
LonRes data for June indicated an annual fall of 23.5% in lets agreed and a 5.3% fall in new instructions, with activity remaining at around half of pre-pandemic levels.*
*Rental demand is so strong that a significant proportion of properties are being let without listing, and are therefore not captured in the data.