The London property market stirred from slumber in March, with a 57% increase in the number of people looking to buy and a 21% increase in the number of tenants looking to move compared to February, according to Chestertons.
Chestertons CEO Guy Gittins said: “To date, it has been the most active market we have seen since 2006 based on the volume of property transactions, conducted viewings and the number of buyers entering the market. Equally, we have seen a steady increase in properties coming to the market which, in the long run, will result in property prices staying pretty flat.”
The agency reports that it saw a 39% increase in property viewings, 28% in offers made by buyers, and a 40% increase in new properties coming to the market for sale between February and March. Its lettings department also saw 38% more tenants moving in and 12% more new rental properties coming to the market. Chestertons said this jump in activity is down to a number of factors, including the extension to the stamp duty holiday, the easing of lockdown restrictions, improved confidence levels as a result of the positive progress of the vaccination programme, and the better weather.
Gittins added: “Compared to previous years, the London property market has got off to an incredibly strong start in 2021 but it really accelerated and set new records in March. It is clear that people are now preparing for life after lockdown and having a suitable home is a top priority.”
Chestertons’ newly-appointed head of sales Cory Askew added: “With people’s lifestyles changing almost overnight, larger properties with gardens outside of Central London have been the big winners from lockdown and although they remain in strong demand, we are starting to see buyers and tenants returning to more central parts of London in anticipation of returning to their offices in the summer.”
This post has originally been featured in Property Wire.