Hyde Park market focus, Autumn 2023
average decline in prime central London prices, year to July
annual rise in number of properties for sale, W2
annual rise in central London prime rents, year to July
total rise in rental transactions in W2 from June to September 2023
buyer demand dipped in August vs June 2023
Sources: Land Registry, Gov.UK, Lonres, Cluttons, Rightmove, Zoopla
A new seasonal trend?
The housing market is traditionally quite seasonal, with busy periods in Spring, Autumn and the New Year, as buyers and movers use markers of the year as a goal to settle into a new home. During the pandemic, seasonality disappeared from the market amid two years of constant activity. But in some markets, including that in Hyde Park, the market is now resuming more normal patterns. This can be seen by the decline in buyers during the summer. While this has happened across many markets due to a more challenging economic outlook, this was particularly noticeable in central London. However, we can see evidence of pent-up demand now returning to the market, and the return of international buyers, which will mark a busier period in October and November.
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