Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Northern Estate Agents Surpass London in Sales Value for First Time

Estate agents in the North of England have outperformed their London counterparts in total home sales value over the past 12 months, according to new research from Savills. The value of homes sold in the North reached £68.8 billion, exceeding London's £67.9 billion for the first time since Savills began tracking the comparison 20 years ago.

Savills' analysis, as reported by The Negotiator, highlights a significant shift in the UK property market. Traditionally, London has led the country in property sales value, but recent trends show the North closing—and now surpassing—that gap. The Times also reported on these findings, noting that this development may come as a surprise to many in the property industry.

The research indicates that house prices and transaction numbers have increased at a faster rate outside London since the Covid pandemic. In the year to the end of March, London accounted for 17.2% of all house sales in Britain, which Savills says is the lowest proportion since at least 2006.

Savills' Head of Residential Research, Lucian Cook, told The Times that price inflation in London over the past decade has made the market more sensitive to interest rate rises and has created challenges for first-time buyers. Cook also noted that remaining buy-to-let investors have shifted their focus to the North, where income returns are higher. Additionally, the lack of significant price growth in London, especially for flats, has made it difficult for homeowners to move up the property ladder in the capital.

The report also points to a slump in London’s prime market, which has been affected by Stamp Duty increases and measures to abolish non-dom status. According to Cook, many wealthy households in London have opted to rent rather than buy.

These trends are relevant for UK letting agents and inventory clerks, as shifting regional dynamics may influence demand for rental properties and property management services in both the North and London.