Prime London sales fall 19% in August to the weakest level since 2008 as achieved prices drop 7%

LonRes data reported on 17 September shows prime London transactions in August ran 19.0% below the same month last year and 25.6% below the pre-pandemic August average — the weakest August since 2008. Sellers pulled back too, with new instructions down 22.1%, which is why stock has not piled up despite the slow sales. For sellers, half of prime London stock on the market now carries a price reduction and the average achieved discount was 10.4%. For buyers at that end, this is genuine negotiating room, though August is always the thinnest month of the year.