London's mainstream housing market has experienced a notable uplift in activity this summer, according to Knight Frank's sales team. This trend defies the typical seasonal slowdown, with needs-based buyers continuing to complete transactions.
New data from Knight Frank indicates that the number of exchanges across London's mainstream market increased by 15% in the three months to July, compared to the same period last year. For July alone, exchanges were up 34% year-on-year.
The number of offers accepted during the three months to July saw a 35% rise year-on-year, while new applicant numbers grew by 7% over the same timeframe. This suggests ongoing buyer engagement across the capital.
Andrew Groocock, COO of estate agency at Knight Frank, commented that the usual summer slowdown is not occurring in London's mainstream property market this year, with activity levels remaining robust. He added that much of the market is driven by needs-based buyers making relocations, upsizing, or lifestyle changes.