New shortage of property for sale looms, warns London estate agency, as market appraisals drop by a third

Demand for £2mn+ homes in London continued to climb in Q3, according to analysis of property portal data, while a lower proportion of open-market £10mn+ properties are finding buyers than last year.

"The prime London property market is in a sweet spot," declares Knight Frank's research team, as buyer demand bounces back and the supply of homes available to buy picks up.

“Property’s reputation as an inflation-hedge gives it extra appeal, while the prospect of rising borrowing costs is injecting a degree of urgency into the market across all price points,” says Rory Penn …