Prime London property sales rise in February

18 Mar 2021

The number of homebuyers across London’s most upmarket properties increased in February over last year, says a LonRes report.

The findings from the property website show that the number of accepted offers and completed transactions in the capital increased 9% this year over February 2020, despite the impact of the ongoing coronavirus restrictions.

When the data is compared to a typical February, the 2021 statistics are higher still, according to LonRes’ analysis of London’s prime market, including the Knightsbridge, Mayfair and Notting Hill areas.

Head of Research at LonRes, Marcus Dixon said the first two months of last year “were far from normal”.

He went on to say in the report: “A post-election bounce caused a surge in activity across the prime London housing market.

“Last year’s stellar performance (sales in February 2020 were up 36% on 2019) makes the further increases in activity we have seen this year even more impressive.”

The number of properties under offer in the most upmarket parts of London was 19% higher this year than February’s five-year average, says a Mansion Global report, assessing the data from 2015 to 2019, with transactions 13% more than the five-year average.

Furthermore, there was heightened activity at the high end of the market, with deals exceeding £5 million outperforming those in other price ranges between December until the end of last month.

The report goes on to say that although big-ticket transactions rose 19% over this three-month period compared to the previous year, properties priced below the £5 million mark failed to see transaction gains exceed 8%.

Dixon added: “We expect good things from London’s prime market this year. And buyers appear to feel the same.”