Property instructions in the prime areas of London are on the rise. They have risen 68% year on year since October. This paints a positive picture for the coming months.
LonRos research has shown that levels of transaction have risen 4% annually in October. Their research shows that 25% more properties are being sold.
Marcus Dixon, LonRons head of research, has argued that due to property viewings and negotiations still being allowed to go ahead this has spared the property sector from any significant dips in sales.
Just like cities outside the capital larger homes are in demand. People are currently wanting to upsize their homes, so they have more space. This desire for space can be attributed to the pandemic forcing individuals to reflect on their desires.
These larger, more expensive, family homes have seen the strongest growth in both terms of demand but also achieved prices.
In summary, property instructions within prime London are 37% higher than the 5-year average. This surge in demand for larger homes is likely to continue as families compete for homes with more space.