Knight Frank’s London sales team has reported a significant uplift in activity across the mainstream housing market this summer, defying the usual seasonal slowdown as committed, needs-based buyers continue to push ahead with transactions.
New data from Knight Frank shows that the number of exchanges across London’s mainstream market increased by 15% in the three months to July, compared with the same time period last year. Looking at the month of July alone, exchanges were up 34% year-on-year.
The number of offers accepted during the three months to July were up 35% year-on-year, while the number of new applicants rose by 7% during the same period, demonstrating continued buyer engagement across the capital.
The strongest levels of activity have been recorded in several key London markets, including Chelsea, Kensington, Notting Hill, Wandsworth and Queen’s Park, where buyers are recognising opportunities created by improved levels of stock.
Andrew Groocock, COO of estate agency at Knight Frank commented: “The summer slowdown is not materialising in London’s mainstream property market this year. Activity levels have remained robust, right across the capital.
“Much of the market is being driven by needs-based buyers relocating, upsizing, or making lifestyle changes. These purchasers have continued to transact regardless of wider economic conditions and are providing a strong foundation for the market. At the same time, we’re seeing buyers becoming increasingly confident about committing to purchases in Prime Central London, where they can identify real value.”
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