The events of the last two weeks have added an unwelcome degree of uncertainty to the UK’s economy and housing markets. Prime London has not been immune to that uncertainty with evidence of more cautious buyers. Sales falling through, properties withdrawn from the market, and price reductions all spiked in the week following the mini budget. But the fallout has also created an opportunity for some, with new instructions rising and the number of properties under offer both higher than the same period last year. Meanwhile, the weakness of the pound may encourage some international buyers to take advantage, potentially offsetting some of the challenges facing the more mortgage dependent markets across the rest of the UK. Meanwhile, rental activity in the Prime London market continues to be limited by the lack of homes available to rent. While the annual growth in average rents has slowed slightly in recent months, they are still rising rapidly.

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