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London Property Market 17 December 2019

Inside Covent Garden Issue 2

The Covent Garden residential market has enjoyed a very busy 2019. In the year to November, Chestertons local office saw a 15% rise in new buyer registrations and a 63% increase in exchanges. The bulk of demand is for properties in the £750,000 to £1m price range, with long leaseholds on properties requiring little or no work prior to moving in generally preferred.

“Despite the current uncertainty, the West End residential market has a proven track record of strong performance and resilience during challenging periods. Covent Garden sits in the heart of London and yet properties are still excellent value for money compared to surrounding areas.” - Carlos Riveros, Covent Garden Sales Manager

Demand for rented accommodation in the Covent Garden area has been buoyant in 2019. Chestertons local office achieved a record year, with offers on properties up by 29% in the year to November compared to the corresponding period in 2018, and move-ins rising by 24%. The number of tenants renewing contracts also increased, albeit by a smaller amount.

“This year has been record breaking for our Lettings department, with strong applicant levels but we urgently need more stock to meet this demand. I anticipate activity will continue to grow in 2020 so if you have a property to let please do not hesitate to contact me for a free valuation.”

Nancy Archer, Covent Garden Lettings Manager