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London Property Market 06 May 2021

London Residential Market Report - Spring 2021

The London property market enjoyed one of its busiest ever periods in the first three months of 2021 for both sales and lettings, despite the country being in its third national lockdown.

Chestertons registered 37% more buyers compared to the previous three months, to reach its highest first quarter of the year since 2014 , and 21% more sales were agreed; the highest that Chestertons has ever recorded in its first quarter.

The majority of this demand is from buyers looking for larger properties with outside space, to facilitate homeworking and improve the quality of their home life.

The rental market has also experienced an exceptionally busy start to the year, and in the first three months Chestertons saw a record number of tenants registering (up 41% on the preceding three months) and tenancies agreed (up 14%).

Tenants have been encouraged to move by the fact that rents are considerably lower than they were 12 months ago, and Rightmove analysis has revealed a big increase in tenants searching for properties in Zones 1 and 2 where the biggest fall in rents have occurred - up to 20% in some areas.