Latest London Property News: April 2023
Market Overview
House prices and transactions levels across prime London fell in Q1 2023 compared to a year earlier. The latest LonRes Sales Index recorded an annual change in values of -0.4%, while sales volumes fell by 23%. Activity in the £5m+ market fell by 32% in Q1 compared to a year earlier, back in line with 2019 levels. While this may appear to be a significant drop, it is simply a return to past trends – in line with 2019 levels – following a record high number of sales at the top-end of the market in 2022.
Price reductions over Q1 2023 add to the picture of a slowing market. Across prime London 52% of properties sold in March had seen their asking price reduced, up from a low of 33% last July, and average discounts grew to 8.3% compared to 4.7% also in July. This at a time when we head into spring – traditionally a busy selling season.
However, wider market indicators suggest a more mixed picture, with some positive signs. The number of deals falling through across all prime London is slightly down compared to Q1 last year and new instructions are rising. The number of £5m+ properties going under offer increased by 20% in the first quarter, so sales at the top end of the market are set to increase again in Q2.
As is often the case the headline figures mask the detail below. The headline figures for Q1 2023 show a small annual price fall across the three LonRes areas. However, drilling down into the data shows that houses in prime fringe areas with an annual price growth of 6.7% performed best, while flats in prime central London were hardest hit with an annual price fall of 1.3%.
Marylebone & Medical Territory Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 4.6% lower they were 5 years ago, with buyers paying £78 less per square foot than they did 5 years ago.
- Achieved prices per square foot have decreased by 1.7% for flats over the last year, and have decreased by 10.3% for houses.
- 7.3% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £1,577,308 for flats and £2,197,083 for houses.
Current Availability: Key Findings
- 40.2% of properties on the market are priced at £1 million or higher.
- 55.3% of properties currently available have been on the market for more than six months.
- 14.2% of flats and 11.1% of houses on the market are currently under offer.
Mayfair & St James's Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 4.9% higher they were 5 years ago, with buyers paying £111 more per square foot than they did 5 years ago.
- Achieved prices per square foot have decreased by 13.4% for flats over the last year, and have decreased by 23.7% for houses.
- 16.7% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £3,333,889 for flats and £17,535,714 for houses.
Current Availability: Key Findings
- 71.7% of properties on the market are priced at £1 million or higher.
- 58.1% of properties currently available have been on the market for more than six months.
- 11.4% of flats and 8.7% of houses on the market are currently under offer.
Knightsbridge & Belgravia Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 1.2% higher they were 5 years ago, with buyers paying £23 more per square foot than they did 5 years ago.
- Achieved prices per square foot have decreased by 3.5% for flats over the last year, and have decreased by 7.6% for houses.
- 19.1% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £3,638,879 for flats and £4,462,000 for houses.
Current Availability: Key Findings
- 67.7% of properties on the market are priced at £1 million or higher.
- 58.1% of properties currently available have been on the market for more than six months.
- 14.4% of flats and 10.0% of houses on the market are currently under offer.
Chelsea Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 7.3% lower they were 5 years ago, with buyers paying £111 less per square foot than they did 5 years ago.
- Achieved prices per square foot have decreased by 3.4% for flats over the last year, and have decreased by 13.2% for houses.
- 15.0% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £1,449,814 for flats and £4,479,091 for houses.
Current Availability: Key Findings
- 33.2% of properties on the market are priced at £1 million or higher.
- 50.6% of properties currently available have been on the market for more than six months.
- 19.8% of flats and 16.0% of houses on the market are currently under offer.
Fulham & Earls Court Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 1.1% lower they were 5 years ago, with buyers paying £11 less per square foot than they did 5 years ago.
- Achieved prices per square foot have decreased by 6.7% for flats over the last year, and have decreased by 3.3% for houses.
- 11.7% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £817,978 for flats and £1,782,773 for houses.
Current Availability: Key Findings
- 46.1% of properties on the market are priced at £1 million or higher.
- 51.9% of properties currently available have been on the market for more than six months.
- 18.9% of flats and 18.5% of houses on the market are currently under offer.
South Kensington Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 3.6% higher they were 5 years ago, with buyers paying £57 more per square foot than they did 5 years ago.
- Achieved prices per square foot have decreased by 4.5% for flats over the last year, and have increased by 1.7% for houses.
- 8.7% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £2,573,424 for flats and £4,790,000 for houses.
Current Availability: Key Findings
- 50.5% of properties on the market are priced at £1 million or higher.
- 52.2% of properties currently available have been on the market for more than six months.
- 17.9% of flats and 13.3% of houses on the market are currently under offer.
Kensington, Notting Hill & Holland Park Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 8.9% higher they were 5 years ago, with buyers paying £112 more per square foot than they did 5 years ago.
- Achieved prices per square foot have increased by 3.9% for flats over the last year, and have increased by 0.8% for houses.
- 13.4% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £1,615,839 for flats and £4,324,103 for houses.
Current Availability: Key Findings
- 36.0% of properties on the market are priced at £1 million or higher.
- 48.7% of properties currently available have been on the market for more than six months.
- 20.2% of flats and 16.6% of houses on the market are currently under offer.
Bayswater & Maida Vale Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 2.4% higher they were 5 years ago, with buyers paying £26 more per square foot than they did 5 years ago.
- Achieved prices per square foot have decreased by 4.5% for flats over the last year, and have increased by 14.7% for houses.
- 10.7% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £998,691 for flats and £5,057,412 for houses.
Current Availability: Key Findings
- 20.2% of properties on the market are priced at £1 million or higher.
- 50.9% of properties currently available have been on the market for more than six months.
- 19.4% of flats and 13.3% of houses on the market are currently under offer.
St John's Wood, Regents Park & Camden Q1 2023 Sales Report
Sold Jan-Mar 2023: Key Findings
- Average flat prices are now 2.2% higher they were 5 years ago, with buyers paying £26 more per square foot than they did 5 years ago.
- Achieved prices per square foot have increased by 0.7% for flats over the last year, and have increased by 9.7% for houses.
- 14.0% of properties sold within 3 months, compared with 11.4% for the whole of Central London.
- Properties sold in the last 3 months achieved an average price of £1,166,492 for flats and £5,847,308 for houses.
Current Availability: Key Findings
- 29.8% of properties on the market are priced at £1 million or higher.
- 47.2% of properties currently available have been on the market for more than six months.
- 14.2% of flats and 11.0% of houses on the market are currently under offer.
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