House prices and transactions levels across prime London fell in Q1 2023 compared to a year earlier. The latest LonRes Sales Index recorded an annual change in values of -0.4%, while sales volumes fell by 23%. Activity in the £5m+ market fell by 32% in Q1 compared to a year earlier, back in line with 2019 levels. While this may appear to be a significant drop, it is simply a return to past trends – in line with 2019 levels – following a record high number of sales at the top-end of the market in 2022. Price reductions over Q1 2023 add to the picture of a slowing market. Across prime London 52% of properties sold in March had seen their asking price reduced, up from a low of 33% last July, and average discounts grew to 8.3% compared to 4.7% also in July. This at a time when we head into spring – traditionally a busy selling season.
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