LonRes Research: Prime London Market Update - January 2021

Prime London Market Update

January 2021

With the vaccine rollout in full swing in the UK and indications that they are increasing globally, we are pinning our hopes for 2021 and a return to some form of normality later in the year. In the meantime, we will bring you the very latest findings each month so you can stay abreast of the latest market conditions.

  • SALES MARKET

    LonRes data records that the total spent on all transactions in 2020 was just 6% lower that the previous year. In the final months of 2020, a higher number of sellers listed their homes, meaning we start the year with 51% more stock on the market than at the same point a year ago.

  • LETTINGS MARKET

    The rental sector saw a much busier end to the year than many expected with the number of new lets up 19% in Q4. Both prime central London and prime London saw rents increase compared with Q3, up 3.7% in PCL and 0.6% in prime London. Only prime fringe saw rents fall, down a modest 0.8%. 

  • LONRES CHARTS

    For sales, we bring you charts on New Instructions - Annual Change, compared with the five-year average. We also show Achieved Prices - Annual Change. Over in lettings, the LonRes Prime Lettings Index - Q4 2020 reveals the annual and quarterly change for achieved rents across London's three prime areas with a further chart that looks at New Lets - Annual Change.

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