Return of the buyer in London as property prices stabilise

 

The number of buyer registrations in London has risen by 19% since the start of this year compared to 2018 according to the latest research from estate agency Chesterton’s.

The volume of exchanges in May leapt up 23% year on year across the capital indicating a commitment from buyers feeling confident.

Prime Central postcodes in London have seen the highest rise of 32% in areas including Chelsea, Westminster, Mayfair and Knightsbridge.

London property prices start to stand firm

Chesterton’s research also identifies that the volume of properties with asking price reductions in London has declined.

Up until May of this year, 35% fewer properties had price reductions in London compared with the same period last year, suggesting a renewed appetite for property and more confident and active buyers.

Guy Gittins, managing director at Chestertons, said: “With confidence comes an acceleration in activity and that’s what we’re seeing as buyers shrug off the current political uncertainty and the London housing market starts moving again.”

“This has been the most encouraging start to the year we’ve witnessed since the European Union referendum result, and the change in buyer appetite is palpable.”

Capital short on supply

New property stock is still significantly down on 2018 – there are 15% fewer properties available over the first five months of this year compared to the same period in 2018. In Prime Central London (PCL) numbers in May 2019 were 20% less year on year.

Mr Gittins explained: “Demand for properties is overwhelming the current levels of supply. Motivated buyers have been quick to recognise the opportunity presented to them by property prices offering genuine value for money.”

“The recent upswing in buyer demand means it’s much more likely that a property will sell for its asking price compared to a year ago, as competition for available homes ramps up.”

“We know there’s a huge amount of pent-up demand in the market and once there is greater clarity over Brexit, more buyers are going to be getting off the fence and flooding into the marketplace.”

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

London

Return of the buyer in London as property prices stabilise

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.