Prime London’s property market hits a ‘sweet spot’ as buying activity picks up

Estate Agents had more offers accepted in May than in any month in the last ten years, and May was the tenth highest month in a decade for exchanges when the impact of stamp duty holidays is removed.

The number of new prospective buyers registering in London last month was the third highest in a decade.

And the number of new sales instructions in May was the sixth highest in ten years. “The stars are aligning for buyers and sellers in the London property market”

“Demand in the capital has recovered from the depths of the pandemic as the ‘escape to the country’ trend calms down and the UK economy fires up. “Meanwhile, supply is finally picking up as the economic warnings mount, mortgage rates climb and owners sense prices may be peaking.”

PCL price index tells of 2.4% growth in the year to May – the highest rate of annual growth since April 2015. In prime outer London, prices increased 4.8% over the 12-month period – also the highest rate of annual growth in more than seven years.