August LonRes Report - an expected slow down in July but positive overall

The August LonRes report is out and we're still upbeat with a largely positive outlook, despite the anticipated slowdown in July in both sales and lettings: More properties were sold and let between January and July this year than in the same period in 2019. 

Sales

As expected, after a record-breaking June with many deals pulled forward due to the stamp duty holiday deadline, it was properties in the lower price brackets that saw the greatest fall in sales for July.

  • The number of properties sold below £1 million was down 40% on July 2020 and 58% lower than the 2015 to 2019 July average.

  • The number of sales between £1 million and £5 million also lagged behind both the 2020 and long-run averages in July.

  • However, 2021 reported the highest number of July sales at £5 million or more since 2015.

Rentals

The lettings market was quieter than usual in July too, with properties reaching the market and the number of new lets agreed no higher than the  levels seen in May and June. 

  • Fewer new instructions have meant stock levels continue to fall and rents, which bottomed out in February, continue to increase.

  • July recorded a 4.3% annual increase in achieved rents, as rents have begun to recover.

  • Prime Central London saw the highest annual increase, with rents rising 6% annually, followed by Prime London at 2.9% and Prime Fringe at 2.2%.

Download the full LonRes report

We hope you've been enjoying the summer holiday, whether you've been home or away.

Please don't hesitate to call us on 020 3838 8366 or email info@roseandpartners.co.uk

Best regards,

Simon, Tom and Zoë

Property Industry InsightSophie MartinLonRes, prime central london