Editor's note: This brief was summarised by The Property AI Team from a report by The Negotiator. Read the original article for full details.
Prime London Sales Down, Rents Up
Prime London property sales experienced a significant 14% decline over the past year, according to the latest figures from Knight Frank. Despite this drop in completed transactions, the number of offers made fell by only 4% in the same period up to June.
In contrast, outer London saw a smaller decrease in sales, with transactions down 7% year-on-year. Offers in outer London increased by 5% over the same timeframe.
Rental Market Trends
Rental values in prime London areas have continued to rise. Knight Frank reports that rents in prime outer London increased by 3.3% in the year to June, marking the highest annual rise since June 2024. In prime central London, rents rose by 0.9% over the same period.
The report notes that supply has been less constrained in higher-value markets, as more discretionary owners have chosen to let their properties due to the current weakness in the sales market. Knight Frank attributes the ongoing rise in rental values in part to the Renters’ Rights Act.
Source: The Negotiator