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London Property Market 22 September 2017

Chestertons Residential Observer - September 2017

One in 79 Britons over the age of 21 is now a millionaire thanks to the rise in property prices.

One in 10 people currently own a second property, of which more than 50% are from the "baby boomer" generation born between 1946 and 1965, with a further 25% coming from "generation X", born between 1966 and 1980.

The number of homes on the market in July was at the lowest level recorded for the month since 2002.

The proportion of sales made to first time buyers fell from 30% in June to 23% in July, the lowest level seen since last September.

Property is playing an increasingly prominent role in financial planning for retirement. Over the course of Q2 2017, over-55s withdrew a total of £701 million from their homes - the highest figure in any single quarter since quarterly recording began in 2002.