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Apr 2024

Sales market slowly blooming this Spring

Sales market slowly blooming

The prime Central London Property saw new instructions up by 10% in February compared to last year and 21% above the 2017-2019 February average, while sales values and activity slipped back. Data from LonRes shows values, based on the average achieved £ per sq ft figures, fell by 7.8% on an annual basis, leaving them 1.1% below where they were 10 years ago.
The top end of the market is still the best performing sales market sector with £5m+ activity well above long-term trend levels.

Sales in February were 4.2% higher than a year earlier and 25% ahead of the 2017-19 pre-pandemic February average. New instructions in this market rose by 8.4% annually. However, there a is a growing volume of homes for sale in this market, up 26% more £5m+ properties for sale at the end of February than a year ago. The longer-term context shows activity in 2024 to date is significantly higher than prepandemic levels. Sales are up more than 40% compared to the 2017- 19 average for the same months.

Nationwide’s latest House Price Index recording a slight monthly dip of 0.2% in houses prices between February and March although annual growth rose from 1.2% to 1.6%.

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The directors of NapierWatt will be in visiting in Dubai and Abu Dhabi this week until 16th February. Jonathan Adams and Louise Torkmorad are looking forward to catching up with clients both existing and new, banks and lawyers, sharing our intel with investors and stakeholders and speaking at the exclusive event at Manor Hotel, Jebel Ali in Dubai on 6th.
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