Since the re-opening of the housing market in mid-May last year, buyers have sought out properties with more space. This has been a market driven by domestic buyers. International purchasers – who traditionally account for a large proportion of prime London buyers – had limited access to the market and for the most part stayed away. Introduction The average size of properties sold in July and August this year was 20% higher than the 2016 to 2019 average Meanwhile those looking to remain in London were buying longer-term family homes and were prepared to pay a premium for the right property in the right location. This has benefitted markets such as Notting Hill, St John’s Wood and Hampstead as well as family-friendly South West London neighbourhoods. The opposite has been true for lettings where there has been a pickup in prime London tenants choosing location over property size. Over the summer months (July and August) we have seen a rise in the number of pied-à-terre lets in central locations, as workers head back to the office.
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