February sees London Prime’s first annual price increase since 2023: Lonres – Mortgage Strategy

London’s main prices rose for the first time since June 2023, according to Lonres data.

Although inventory in the market continues to increase, monthly activity data shows that supply is growing faster than demand.

New sales in February were 24% higher than last year and 47.5% higher than the February popular average.

Inventory of available houses is also continuing to increase. At the end of February, it was 11.6% higher than the same period last year and 37.5% higher in February 2020.

The average selling price sold increased by 0.6% per year in February, the first increase in more than 18 months. This is 1.2% lower than the pre-pandemic level.

Trading in February was 8.4% lower than the same period last year, but was 6.8% higher than the February popular average.

Each year, it is an increase of 11% in annual quotes, an increase of 18.8% from the pre-pandemic average in the year.

After a slow January, £5 million + rebounded in February, trading 13.8% higher than the same period last year.

During the same period, new indicators for the market grew by 30%, and stocks in the market continued to rise.

The number of major £5 million+ homes in London increased by 21.1% in the 12 months to the end of February.

The London Prime Minister’s annual rent growth was in February, the highest since November 2023, while the average rent was 33.3% higher than the pre-pandemic average.

LONRES data for February showed that Lets’ consent fell 42.1% and new directives fell 29.4%, and the activity of both measures remains below pre-pandemic levels.

Stocks of available rental properties fell each year, with homes in the total London market down 19.9% ​​from the same period last year as of the end of February.

“The main title for February is that the London Prime Minister’s sales value will increase annually since June 2023,” said Nick Gregori, head of Norris Research.

“The major London rental market continues to be restricted by a lack of stocks. Strong demand and low levels of new supply will certainly put up pressure on rents, so rents grow to 6.0% each year, which is the highest interest rate in 16 months, which is not surprising.”

“In this average number, the larger features are guiding – apartments with three or three bedrooms have the strongest annual growth rate, with homes performing more and more since the pandemic.”