Number of exchanges rises 15% year on year in Q2 and 34% in July

Knight Frank has said it has seen a summer surge in London, in a season that normally sees a slowdown in activity.

It said that the number of exchanges across London’s mainstream market increased by 15% in the three months to July, compared with the same time period last year. In July alone, exchanges were up more than a third (34%) year-on-year.

The number of offers accepted during the three months to July was also up by more than a third (35%) year-on-year, while the number of new applicants rose by 7% during the same period.

London’s strongest markets

Activity was strongest in several key London markets, including Chelsea, Kensington, Notting Hill, Wandsworth and Queen’s Park, where the company said that improved levels of stock are making it easier for buyers to purchase.

Andrew Groocock, COO of estate agency at Knight Frank, said: “The summer slowdown is not materialising in London’s mainstream property market this year. Activity levels have remained robust, right across the capital.

“Much of the market is being driven by needs-based buyers relocating, upsizing, or making lifestyle changes. These purchasers have continued to transact regardless of wider economic conditions and are providing a strong foundation for the market. At the same time, we’re seeing buyers becoming increasingly confident about committing to purchases in Prime Central London, where they can identify real value.”