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London sales pipeline hits a 10-year high

Knight Frank has released its latest prime London sales and lettings reports for November 2021, revealing that the sales pipeline in the capital has reached a 10-year high.

The number of offers accepted in London in November hit the highest level since 2011 as the capital moved firmly back onto the radar of buyers. In prime central London (PCL), the figure was 116% higher than the same month last year while in prime outer London (POL), there was a 25% increase on November 2020.

It is indicative of how demand has shifted back towards London as the pandemic has evolved. Across the UK, the biggest increases in the number of new prospective buyers in the three months to November compared to last year were all in London, recent analysis shows.

Average prices in PCL increased by 1.2% on an annual basis for the second consecutive month in November. In POL, average prices rose by 3.1% over the same period, the sixth time the figure has been recorded over the last seven months.

The biggest rises were still seen in outer London as space and greenery remain on the agenda for buyers. The largest annual increases included Wimbledon (11.4%) and Richmond (7.3%).

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