Four in five deals underway when the Covid-19 pandemic struck are still progressing, but transaction numbers in the week ending 2 May increased to 54% below their five-year average, according to Knight Frank.
But there is room for growth, with signs that more buyers are starting to prepare for life after the lockdown.
The number of new buyers registering is currently 60% below the five-year average in London, down from 77% in the week ending 28 March.
Meanwhile, the number of hits on Knight Frank’s website for sales properties in London was 12% below the five-year average in the week ending 2 May. That compares to a 42% decline in the first week of lockdown.
However, the difference between asking prices and exchange prices is widening.
Tom Bill, head of London residential research at Knight Frank, commented: “In April 2020, the average sale price was 94% of the original asking price, down from 97% in January, which was a time when the effects of the so-called Boris bounce started to take hold. This reflects the ad hoc renegotiations that are taking place between buyers and sellers, which are not based on comparable evidence.”