Values of homes in prime areas of London fell yet again last month, albeit at a slower pace than previously.<\/p>\n
LonRes days there were 6.7% more transactions in May than the same month a year ago, but 13.1% fewer than the 2017-2019 (pre-pandemic average) May average.\u00a0\u00a0<\/p>\n
However, the number of properties going under offer was 8.1% higher than a year ago and 8.8% higher than the 2017-2019 (pre-pandemic average) May average, potentially indicating rising transaction volumes in the next few months.<\/p>\n
Supply remains at a high level, but growth has plateaued; new instructions in May were 2.2% higher than the same month last year and 10.1% higher than the 2017-2019 May average.\u00a0\u00a0<\/p>\n
Stock on the market at the end of May was 5.9% higher than a year earlier and 13.0% above the level five years earlier (May 2021).\u00a0\u00a0<\/p>\n
The number of price reductions are significantly above historical trends, with a 19.4% rise in May compared to last year.\u00a0\u00a0<\/p>\n
Every month so far in 2026 has recorded the highest ever number of reductions for that month.<\/p>\n
Transactions from March to May 2026 were down 12.7% compared to March to May 2025 and were 5.0% below the 2017-2019 (pre-pandemic) average for the time of year.\u00a0<\/p>\n
But LonRes says underlying demand is relatively strong.<\/p>\n
New instructions were 4.0% higher between March and May compared to last year and 24.4% higher relative to their 2017-2019 average.\u00a0\u00a0<\/p>\n
Withdrawals have seen large increases, rising by 43.2% in March through May compared to the same three months last year.\u00a0<\/p>\n
Average achieved prices across all prime London fell by 5.1% on an annual basis in May, a slower rate of fall than April.\u00a0\u00a0<\/p>\n
On a monthly basis, prices are picking up from the low point reached in February and March but they remain low\u00a0compared to historical trends \u2013 they are 4.7% below their 2017-2019 (pre-pandemic) average.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Values of homes in prime areas of London fell yet again last month, albeit at a slower pace…\n","protected":false},"author":2,"featured_media":1033465,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[7757],"tags":[748,393,59397,4884,40990,257,73298,16,15],"class_list":["post-1033464","post","type-post","status-publish","format-standard","has-post-thumbnail","category-london","tag-britain","tag-england","tag-estate-agents","tag-great-britain","tag-house-price-index","tag-london","tag-london-property","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116768310991106915","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1033464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1033464"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1033464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1033465"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1033464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1033464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1033464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}