Lonres Report June 2021 - A brisk first 5 months of the year

The June Lonres Report is now out and overall, the PCL market continues to be positive.

We've certainly had an extremely busy June with, several exchanges and some very good quality new instructions with no sign yet of a let up as we come into the traditionally quiet summer holiday period.

LonRes June 2021 highlights:

SALES

  • A lack of overseas buyers able to access the market has continued to impact central London, yet strong domestic demand has meant activity so far this year has been brisk.

  • New instructions continue to rise on a monthly basis and rose 33% last month, up 8% on the five-year (2015-2019) May average

  • Stock levels are still pretty high in PCL, so prices have not seen the rapid growth experienced elsewhere.

  • Overall prices remain 1.9% lower than the same period a year ago, although sought-after family houses are performing better.

  • The number of properties sold in the first five months of 2021 is the highest since 2014.

LETTINGS

  • The extension of current restrictions to late July could mean next month is quieter.

  • Stock levels are falling as people start moving back into the city for work

  • The number of properties let in the three months to May are up 9% on 2019 and rents appear to be recovering from their lows of early 2021.

  • Smaller properties continue to dominate with properties let with three or more bedrooms falling 7% on 2019 levels, compared with a 10% rise in lets of properties with fewer than three bedrooms.


Please done hesitate to call us for more insights or advice on PCL sales or lettings.

Simon Rose