Prime London Market Update
- Winter 2021/22
The sales and lettings markets had quite a year in 2021 and the rollercoaster ride continued in Q4. Across the year we saw buyers buying bigger and spending more, more than any other year since LonRes records began in the year 2000. As for lettings, few could have predicted the dramatic turnaround seen in the market over the last 12 months.
In the final quarter, overall sales prices were 7.2% higher than the same period in 2020, supported by the popularity of moving for extra space - inside and out (aka houses), plus, an increase in sales achieved at the top end of the market.
New listings in the lettings market again failed to keep pace with new lets, driving further increases in rents in Q4 and adding further pressure to stock levels as we entered the new year.
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Sales marketBuyers spent £11.6 billion on prime London property in 2021, up 45% on 2020. -
Sales charts
'Total spend by property type - all Prime London' and '2021 transactions compared with 2015-2019 average'.
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Lettings market
20% fewer new lettings instructions in 2021 than in 2020 overall.
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Lettings charts
'New lettings instructions - 2021' and 'Annual change in achieved rents'.
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