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London Property Market 15 October 2020

Inside Kew - Issue 2

A variety of factors created an increase in activity for the sales property market, as Chestertons' Kew office saw sales enquiries double and a 47% increase in the number of properties sold between June and mid-September, compared to the same period in 2019.

These factors include:

  • The stamp duty saving of up to £15,000 has promted buyers into action.
  • Buyers' whose plans were put on hold during lockdown have returned to the market.
  • People have re-assessed their housing requirements in light of their lockdown experiences. There has been a surge of enquiries for properties with gardens and sufficient internal space to allow for a room which can be dedicated to homeworking.

The restrictions on people imposed by the Government in response to the Coronavirus resulted in a significant reduction in tenant activity in the first two months of lockdown. However, tenant activity has picked up strongly since June as lockdown measures were relaxed and the economy has began to recover. Between June and mid-September Chestertons' Kew office recorded a 41% increase in enquiries about rental properties, and we agreed 81% more tenancies compared to 2019.

"Demand for rented accomodation is currently very strong and with the Government and London Mayor threatening to re-impose tighter lockdown restrictions if the Covid-19 infection rate goes much higher, landlords should act now to maximise their chances of securing a tenant while market conditions are still favourable." - Adam Jennings, South West Region Lettings Director.

Read the full Inside Kew report below, for an in-depth review of the local property market in Kew.