London Sees 22% Fewer Sales than 2019
Home sales in London’s prime neighborhoods have fallen by 22% so far this year compared to the same period in 2019, halted by the coronavirus lockdown measures that shuttered the city’s real estate market until mid-May.
The unforeseen spring shutdown wiped out the city’s strong start to the year. The damage was done in the roughly six weeks between March 16 and May 31 alone, when transactions plummeted 58% compared to the same time a year earlier. The country’s lockdown rules to fight the spread and impact of the coronavirus were introduced at the end of March, and the housing market saw a near-complete shutdown. Buyers and sellers were urged to delay moves and physical viewings were banned.