Wednesday 10 July 2019 5:12 pm

Square Mile property deals soar at start of July

City of of London property deals spiked this month, according to research that shows more money was exchanged in the first week of July than the whole of last month.

More than £400m was exchanged in the first week of the month, overtaking the £318m exchanged in the entire month of June, figures published by estate agent Savills shows.

Read more: Savills profits slide as it warns of tough year ahead

However, a lack of supply is frustrating buyers. At the start of this month there were only 19 buildings being openly marketed, worth £928.9m compared to a value of £2.99bn at the same time last year. 

Meanwhile, there is currently £1.45bn of assets under offer in the Square Mile. 

“There continues to be huge amounts of money targeting London with activity only being held up by the lack of available opportunities,” said Stephen Down, head of central London investment at estate agent Savills.

“Owners of assets are in no rush to sell as London remains a top destination for investment which is evident by the level of interest that we are continuing to see.”

Read more: Savills warns UK house price growth unsustainable

He added: “The growing desire for value-add product in London and the robust leasing market reinforces the long-term prospects of the London market. ”

In 2018, almost £2bn of super prime homes were sold across the capital, compared to £1.4bn the previous year, and there was a 43 per cent rise in sales for properties worth more than £15m.