Knight Frank’s prime London market report revealed offers accepted in prime central London were 116 per cent higher than November 2020. In Prime outer London that increase was 25 per cent.
According to the national estate agent, the biggest increases in the number of prospective buyers in the three months to November compared to 2020 were all in London.
Meanwhile the ratio of prospective buyers to sales instructions reached its highest level since the start of the pandemic. In prime central London the ratio climbed from 3.9 buyers for every new instruction to 7.8 year on year. In prime outer London the ratio increased from 6.1 buyers for every new instruction to 10.9.
Prime central London prices increased by an average of 1.2 per cent annually, for the second consecutive month. In prime outer London, average prices rose by 3.1 per cent marking the sixth time the figure has been recorded over the last seven months.
The UK average annual house price increase recorded by Halifax for November was 8.2 per cent.
According to Knight Frank’s report, the biggest rises were still seen in outer London where buyers benefit from more space and green areas. The largest annual increases included Wimbledon, 11.4 per cent, Dulwich, 6.1 per cent, Queen’s Park, 6.6 per cent and Richmond per cent 7.3 per cent.
In central areas, the biggest rises were recorded in Islington, 6 per cent, South Kensington, 3.6 per cent and Notting Hill, 2.4 per cent.
