Sales

Disillusioned with the rise of crime, drugs and taxes at home, a new wave of American buyers are hunting for trophy mansions in the UK capital, reports Trevor Abrahmshon.

The lack of available new-build stock in PCL means that top-end buyers are seeking opportunities in new areas, says Anna Ward, as she runs us through the latest data & shares key insights.

Estate agency trade body's latest survey points to rising buyer demand and sales supply, but 'challenges remain'.

30% fewer sales were agreed in Week 22 this year than in Week 22 2023, according to the latest LonRes data, while 32% more price reductions were recorded.

Double-digit reductions on longstanding listings have resulted in three or four buyers competing against each other, reports PCL buying agency Eccord.

Sales activity across the UK and in London in 2024 so far is running 7% above the average level seen from 2017 to 2019.

1,618 $10mn-plus transactions went through across the 11 hubs tracked by Knight Frank in the 12 months to the end of Q1 2024, the lowest annual total in three years.

Catch up on all the latest movements and commentary in less than five minutes, featuring data and analysis from the ONS, Zoopla, Rightmove, Knight Frank, Savills, Foxtons & more...

Two prime London markets are driving second home market activity, says estate agency after checking Stamp Duty records.

'There is a disappointing number of properties that have agreed to a sale in their first 30 days,' says GetAgent boss after checking Zoopla listings.

Mortgage approvals for house purchases are now 'back to 94% of their pre-pandemic level,' notes Savills, despite fresh Bank of England showing a slight month-on-month dip.

Agency urges developers with consented sites to 'push on' as outlook continues to improve.