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London Property Market 13 April 2021

London Property Market Wakes Up In March

The London property market woke up in March, with a 57% increase in the number of people looking to buy and a 21% increase in the number of tenants looking to move compared to February, according to Chestertons.

Chestertons reports that between February and March it saw:

  • 57% increase in buyers
  • 39% increase in property viewings
  • 28% increase in offers made by buyers
  • 40% increase in new properties coming on to the market for sale

Chestertons’ Lettings department also saw a substantial uplift in activity:

  • 21% increase in tenants registering
  • 38% more tenants moving in
  • 12% more new rental properties coming to the market

This jump in activity is down to a number of factors, including the announcement of the extension to the stamp duty holiday; the easing of lockdown restrictions; improved confidence levels as a result of the positive progress of the vaccination programme; and the better weather.

Guy Gittins, Chestertons’ CEO, commented: “Compared to previous years, the London property market has got off to an incredibly strong start in 2021 but it really accelerated and set new records in March. It is clear that people are now preparing for life after lockdown and having a suitable home is a top priority.

He continued: “To date, it has been the most active market we have seen since 2006 based on the volume of property transactions, conducted viewings and the number of buyers entering the market. Equally, we have seen a steady increase in properties coming to the market which, in the long run, will result in property prices staying pretty flat.”

Cory Askew, Chestertons’ newly-appointed Head of Sales, added: “With people’s lifestyles changing almost overnight, larger properties with gardens outside of Central London have been the big winners from lockdown and although they remain in strong demand, we are starting to see buyers and tenants returning to more central parts of London in anticipation of returning to their offices in the summer.”