Market in Minutes: Prime London Residential

The prime markets of London have continued to defy gravity over the summer months, a period which is generally known to be much quieter.

The number of properties worth £1 million or more marked as sold subject to contract across the capital was 87% higher in the third quarter of 2020, compared to the same period last year.

But strong demand is being matched with supply. New for sale instructions in the three months to September were 77% higher than in Q3 2019.

Buyer and seller expectations on price also appear to be aligning. Half of our London agents reported that vendors’ price expectations of the property they are selling had reduced, while 44% said buyers’ budgets had decreased. Similarly, 35% and 29% of agents reported an increase in vendors’ and buyers’ expectations on pricing, respectively.

Source: Savills Research