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.”