The number of properties sold in prime central London rose 3% over the first half of 2017 compared to the same period last year, according to LonRes .

The data source and network company has released its latest analysis of the housing markets over Q2 2017.

Despite the positive headline figure, half year averages suggested all three of prime areas saw achieved prices fall.

Prime central London values were on average 4.4% lower in the first half of 2017 (-6.8% for Q2) compared with the same period a year ago.

Prime London was down 0.8% and prime fringe, which encompasses SE1, was down 2.5%.

The number of properties for sale across all prime London areas was up compared with the same time a year ago.

In the lettings market, for the third consecutive quarter the number of new lets agreed across prime areas of London increased compared with the same period in 2016.

Over the same period, the number of properties on the market fell, down 11% at the start of July, compared with the previous year.

This meant less choice for tenants but left landlords in a stronger position.

The LonRes Lettings Index recorded a 1.4% quarterly rise in rental values in the second quarter.

Annually that left prime central London 4.9% down on the second quarter last year, but is an improvement on the annual fall of 8.2% recorded in the first quarter.

Average discounts also fell over the last three months, reflecting landlords becoming more realistic in their expectations on rents.

In prime London and prime fringe volumes of stock on the market was up 25% at the end of the first quarter compared with the same point a year earlier.

At the end of the second quarter, both markets recorded more modest increases in stock.

The number of properties available was up 6% in prime London and 14% in prime fringe compared with the end of the second quarter last year.

Rents in prime London and prime fringe also recorded small quarterly falls of 0.8% and 0.2% respectively, down between 3.4% and 6% on the second quarter last year.

Both areas saw an increase in properties let, albeit more modest than prime central London over the same period.

Prime London recording a 3.4% annual increase and prime fringe up 0.1%.

In the latest LonRes survey, 64% of agents surveyed by LonRes still expect achieved rental values to be lower this time next year.

However, following improved market conditions across prime central London in the last three months, agents were less likely to forecast more significant rental falls over the next 12 months.

The number of respondents expecting falls of more than 5% falling from 21% three months ago to 14% this quarter.

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