As England entered its second lockdown at the start of the month, the property market has
been spared any significant restrictions. Indeed, viewing, negotiating and progressing a
property transaction or new let is one of the few things which can continue under current rules.

Nationally agents are reporting significant increases in sales. While more subdued, activity in
London is rising too and offers are now translating into increases in sales (exchanges). That
said, buyers remain price sensitive, with values achieved at or slightly below levels seen a year
ago. Like those moving out of the capital, it’s space that buyers across prime London are
looking for. More expensive homes, particularly family houses, are in demand and have seen
the strongest growth – both in terms of achieved prices and volumes sold.

For lettings, the number of new lets was the closest to 2019 levels in October than in any
month so far this year, albeit still 7% lower. Stock levels are still proving a challenge in most
markets, with achieved rents falling as landlords accept lower offers to mitigate voids.