Is the London property market finally reviving?
Thirty-eight branch London estate agency Chestertons says new buyer registration at its offices increased by 30% during the first six months of the year, signaling a much hoped-for revival in the capital’s sales market including a 1% increase in its sales pipeline.
The company also says the number of viewings increased by 15%, agreed sales grew by 19% year-on-year and that its January sales figures were the best for four years.
Chestertons, which split from troubled agency Humberts in 2014, says it believes the surge in activity has been created by buyers who have ‘flooded’ back believing the market has corrected itself.
“Activity over the last six months has shown a marked improvement compared to the same period last year, giving us an optimistic view for the rest of the year,” says Managing Director Guy Gittins.
“The surge in buyer registrations at the start of the year and an uplift in viewings has converted into a considerable increase in agreed sales.
“However, with many of these deals not yet completed due to longer conveyancing periods, the results of the early-year boost will be felt over the autumn period.”
The company also says the Prime Central Market is also showing signs of improvement following price drops of 10-15% from their 2015 peak. This includes the number of new buyers registering increasing by 44% year-on-year and the number of viewings rising by 24%.”
This is echoed by figures out today from rival Strutt & Parker, which says its branches saw a 4.4% increase in transactions over the past three months year-on-year, although chiefly in the ‘lower’ sub-£2 million price bracket, which now account for 70% of sales in Prime Central London property market, it says.
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