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London sees home sales, rental boost

Prices fell modestly between January and November

Homes on North Audley Street in London (Credit: Wikimedia)
Homes on North Audley Street in London (Credit: Wikimedia)

Maybe things are starting to look up for London’s real estate market.

According to a new report by brokerage Knight Frank, the city saw a 5 percent increase in residential sales volumes in a six-month period ending in November. Average prices only fell 0.7 percent year-over-year, marking the smallest decrease seen since June 2016, Mansion Global reported.

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Average prices fell 1.2 percent in the first 11 months of the year for homes priced between $1.3 million and $2.7 million, according to the report. Properties priced between $6.7 million and $13.4 million saw a 1.9 percent increase. Homes pricier than $13.4 million only saw a 0.2 percent price drop.

More people also checked out apartments this year, according to the report. Viewing of rentals increased 19 percent between January and November 2017 compared to the same time last year. During the same timeframe, 14 percent more lease agreements were signed. [Mansion Global] — Kathryn Brenzel