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London Property Market 14 April 2020

Is the market still moving?

Given the current conditions, it may come as a surprise to many to learn that there is still activity in the London property market, but throughout March, Chestertons’ properties were viewed online 13% more than March last year and we have been registering 500+ new buyers and 750+ new tenants per week since the lock-down.

While we are now unable to do physical viewings, all of our offices are still operating remotely and we’ve rolled out video tours for many of our available properties. This allows us to conduct hundreds of virtual viewings every day and has seen us generate 250 new sales offers and agree 88 new sales over the past two weeks, as well as working with solicitors to exchange contracts on existing deals. Lettings has been even busier, processing 304 offers and agreeing 183 new tenancies since lock-down.

The bottom line is that people still need to move, still trust property as a solid long-term investment and are not expecting prices to change dramatically as a result of the pandemic. Although normality sometimes feels like a lifetime ago, restrictions will be lifted at some point and once that happens, we are anticipating a bounce as the pent-up demand is released over the summer.