It looks like the London property market is turning up the heat this summer, defying the usual seasonal slump with a sizzling surge in activity. Knight Frank reports a 15% increase in exchanges across London’s mainstream market over the past three months compared to last year. July alone saw exchanges skyrocket by a whopping 34% year-on-year!
But wait, there’s more! Offers accepted also jumped by 35% in the same period, and new applicants rose by 7%. Key hotspots like Chelsea, Kensington, Notting Hill, Wandsworth, and Queen’s Park are leading the charge, thanks to improved stock levels making it easier for buyers to snap up their dream homes.
Andrew Groocock, Knight Frank’s COO of estate agency, shared that this year’s summer slowdown is nowhere in sight. Needs-based buyers are on the move, whether relocating, upsizing, or making lifestyle changes, and they’re keeping the market robust. Despite wider economic conditions, these savvy buyers are still transacting, providing a solid foundation for the market.
Plus, there’s a growing confidence among buyers in Prime Central London, where they’re spotting real value. So, if you’re in the game, it’s time to gear up and ride this wave of activity in the capital!
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