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London Property Market 11 January 2021

2020 ends with an eight year high

The London sales market remained incredibly strong throughout December. Chestertons saw full-year figures reach an eight-year high for property enquiries, buyer registrations, property viewings, offers received, sales agreed and completions,

Between 1st January and 31st December 2020, Chestertons received 49% more property enquiries, conducted 7.5% more viewings and agreed 21% more sales than in 2019. It also conduced 25% more market appraisals for owners looking to sell and finished the year with 53% more properties available to buy than 31st December 2019.

December itself was our busiest December on record, as buyers continued to scramble to view properties and secure a deal before Christmas and in anticipation of another lockdown. Chestertons conducted 44% more viewings, agreed 33% more sales and exchanged contracts on 32% more properties compared to December 2019. We also conducted 53% more market appraisals for potential sellers and brought 98% more new properties to the market, which it believes is keeping London property prices in check.

Guy Gittins, Managing Director, comments: “The London sales market continued almost unabated throughout December, with both buyers and sellers keen to agree sales and progress them as quickly as possible through to completion. Usually, there is a notable drop in activity in the final few weeks of the year, but such is the urgency of some of these deals that we had a number of sales finalised by solicitors on Christmas Eve, New Years Eve and New Years Day! The impending finalisation of Brexit and the implementation of Tier 4 restrictions had almost no immediate impact on the market or people’s confidence in the market.”

Looking back at the year, Guy concludes, “2020 really has been a year of ups and downs for everyone in the country, but it ended on a high for the London property market. With plenty of properties on the market and plenty of buyers still highly motivated to move, we expect this strong market to continue through to the Spring. What happens after then will really depend on how quickly we can emerge from the shadows of the coronavirus crisis and start on the path of economic recovery.”