The prime London property market witnessed a significant resurgence in October 2024, with activity levels across the sales market reaching the second-highest monthly total in the past two decades. Transactions surged by 55.8% year-on-year and exceeded the 2017–2019 pre-pandemic October average by 62.8%, marking the most active October since 2013. This recovery has been attributed to renewed buyer confidence and fears of tax changes in the UK Budget, although the latter ultimately avoided increases for primary home buyers. Additionally, the market's upper echelon saw robust growth, with £5m+ transactions rising by 34.5% compared to last year. Available stock and new instructions also expanded, signaling sustainable momentum.

Conversely, the rental market painted a subdued picture. While annual rental growth slowed to 1.4%, average rents remain 35.4% above pre-pandemic levels. The number of lets agreed fell by 10.9% year-on-year, and new instructions dropped by 6.5%. Although rental stock availability improved slightly (up 0.8% from last year), it remains significantly below pre-pandemic levels, particularly in lower rent brackets. Meanwhile, higher rental properties (£2,000+ per week) approached pre-pandemic availability, reflecting a polarized recovery across segments. These trends indicate contrasting dynamics between the sales and rental markets as 2024 approaches its conclusion.

If you are considering selling or renting your property or any residential property sales or lettings advice, please contact Nicholas Jaffray by telephoning: +44 20 3091 9311 or via email at: [email protected] or visiting at: 42 Upper Berkeley Street, London, W1H 5QL. 
Full details of all our current properties for sale can be found via the company website: https://www.Jaffray-Estates.co.uk/Properties/Sales
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