London's prime property market recovers

London's prime property market has seen a recovery in the first third of 2023, thanks to the return of global travel and a weak pound. Sales of luxury properties above £5m have risen by 40% compared to the same period last year, with buyer demand up 35% above the five-year average. However, transactions on properties below £2m have declined by 3%. The upmarket sector has reported an uptick in supply, with the number of sales instructions 16% higher this year, pushing the number of exchanges up by 8%. Average prices in prime London remain broadly flat, falling 0.1% in the year to May.

City AM (31/04/2023)