Number of offers accepted in London hits a decade-high

prime central London

In prime central London, the figure was 116% higher than the same month last year, while in prime outer London, there was a 25% rise on November 2020

The number of offers accepted in London in November reached a 10-year high, according to data collected by Knight Frank.

In prime central London (PCL), the figure was 116% higher than the same month last year, while in prime outer London (POL), there was a 25% rise on November 2020.

Meanwhile, the ratio of demand to supply in November reached its highest level in PCL and POL since the start of the pandemic.

The figure was 10.9 in POL, which compared to 6.1 in November 2020. In PCL, the ratio jumped to 7.8 from 3.9 over the same period.

Average prices in PCL rose by 1.2% on an annual basis for the second consecutive month in November.

In POL, average prices increased by 3.1% over the same period, the sixth time the figure has been recorded over the last seven months.

The largest annual increases included Wimbledon (11.4%), Dulwich (6.1), Queen’s Park (6.6%) and Richmond (7.3%).

In central areas, the biggest rises were recorded in Islington (6%), South Kensington (3.6%) and Notting Hill (2.4%).

In the rental market, average rents rose 5.3% in the three months to November in PCL while there was a rise of 5.1% over the same period in POL.

It was the largest quarterly gain in POL since March 2004 and the biggest such increase in PCL since September 2010 as the lettings market continued to recover from the pandemic.

Average rental values in PCL dropped by 0.2% in the 12 months to November while there was a rise of 1.8% in POL.

The number of new prospective tenants registering in November was 44% higher than the same month in 2019, which was already considered a strong year for the lettings market.

In prime outer London, yields rose to 3.34% from 3.17% over the same period.

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