The prime London housing market is showing signs of returning to pre-pandemic levels of activity. The latest data for February shows that while the number of properties sold during the month was 33% lower than last year, it was just 9.1% lower than the 2017-19 average. However, the number of properties under offer - a leading indicator for sales - was 10.5% higher than the pre-pandemic average. Meanwhile, the number of new instructions continued to rise: 14.0% higher than February last year and 23.6% higher than before the pandemic.
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