Throughout August, the prime central London housing market has shown continued strength, buoyed significantly by easing global inflationary pressures. On August 1st, the Bank of England reduced the base rate from 5.25% to 5%, following two months of lower-than-expected consumer prices. The Landstones sales team saw a significant rise in buyer demand and inquiries toward the end of August, with many families returning from their summer holidays ready to make a move.

House price growth remains strong but modest, increasing stock levels are seen as a positive indication that people are now confident to buy. The largest growth in applicant numbers has been in the apartment market, with flats now almost 10-to-1 oversubscribed, even at this early stage of the September rush.

Despite high interest rates affecting the broader market, Landstones has seen prime areas of central London remain insulated from wider market trends. This is certainly not a new phenomenon, as many savvy London buyers invest here for that very protection; however, it is worth noting.

First-time buyers and those with financial support are driving apartment demand, and a busy autumn is expected as overseas buyers return in large numbers.

The prime West London lettings market has continued to strengthen, with several stellar months behind the Landstones lettings team. The availability of rental properties is driving prices higher, and tenant demand is only increasing. One key area of demand in September comes from overseas applicants returning to study, leading to many apartments being at least 25-to-1 oversubscribed. The central London market continues to present positive opportunities for both home buyers and investors, as London remains a safe port in any storm.