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London Property Market 12 February 2020

Inside Barnes - Issue 1

Barnes experienced a resurgence of interest from househunters in 2019, and Chestertons' local offices recorded a 41% increase in the number of new buyer registrations, and a 33% rise in the number of offers made on properties. The second half of the year was especially active as Brexit-weary buyers decided they could no longer delay plans to move and sensed that prices had fallen to a sufficiently attractive level; and discounts on asking price were no longer as generous as they once were. Average prices have fallen by 11%* since 2014, but in 2019 prices began to show signs of stabilising and enjoyed a very small increase of 0.3%*.

The lettings market in Barnes enjoyed a very active year in 2019, with strong tenant demand extending well beyond the traditional summer peak period and into much of the autumn. Over the year as a whole, Chestertons' local offices recorded a 37% increase in the number of new tenants registering with us, and a 38% rise in offers made on properties. There was a small increase in the number of properties on the market as some families moving out of the area decided to rent their properties rather than sell, in the hope that prices would recover post-Brexit.

*Source: Land Registry, Jan - Nov 2019

January is historically very busy for lettings and already this year we've secured excellent tenants for a huge variety of properties. Although summer is almost certainly going to be our busiest period, there is no reason for landlords to wait until then to put their properties on the market as we have tenants looking for properties of all sizes to move into before spring

Edward Rice - Barnes Lettings Manager