Sales Boost at last for Prime Central London - agency data

The JLL Prime Central London Index saw signs of improvement in the first quarter of this year, with 4.5% more properties being sold compared to Q1 2023. 

This is the largest annual increase in sales since late 2022. Average values for properties across Central London are down 1.3% quarterly (from Q4 2023 to Q1 2024), representing a marginal improvement compared to 1.4% in Q1 2023. 

JLL says it’s seen recovery in interest from buyers for homes under £2 million, with the number of sales up 4.1% annually. Most purchases are still needs-driven, as opposed to discretionary, however this indicates that demand from buyers is very much there, with most waiting for rates to fall before committing to purchase. 

Stock level rose in Q1 2024 and was at the highest level since Q3 2017 according to JLL’s research. 

Annually, the number of properties on the market for sale has risen 19%. With the £10m and higher price bracket reflecting the largest annual increase, (likely due to the length of time homes are remaining on the market to achieve desired price. 

Director of UK Residential Research at JLL, Marcus Dixon, explains:  “Despite average prices remaining down on an annual basis, there are encouraging trends across the sales and lettings activity, indicating that the market is stabilising. We saw more homes transact in Q1 and more vendors are listing their homes in anticipation of a busier spring market. 

“It is clear that buyers are holding off on purchases until rates fall, in hand with this, vendors should prepare for increased competition among neighbouring properties as buyer confidence returns to the prime central London market. Overall, we anticipate a busy spring quarter with improved market conditions and increased activity.”