Back to all Blog 12 January 2023

Buyers spent a record £5.2bn on PCL property last year 

...but prices and stock levels both fell in the final quarter, reports JLL. 

A massive £5.2bn was splashed on Prime Central London property in 2022, 9% more than the previous year and the largest sum recorded in over ten years.

This is according to JLL’s latest workings, which also show the amount spent on £10mn-plus homes was up 16% on 2021 and a full 81% higher than the total spend in 2019.

But while deal volumes soared, the number of properties on the market dropped off in the final weeks of the year. At the end of Q4 2022, there were 2,847 homes listed available, down 9% compared to the end of Q3 but still 3% higher than the same point a year ago.

The agency’s PCL index recorded a 3.5% quarterly fall in Q4 2022, with prices ending 2.4% lower than in Q4 2021.

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