London property enquiries hit highest level in five years

November 28, 2020 by Heidi

Property Market

The number of enquiries made about properties to buy in London hit its highest level for five years last month, according to figures issued by Chestertons estate agency.

These figures reveal a rise of 40% in the number of property enquiries throughout last month, in comparison to October 2019. What makes this even more remarkable is that it coincides with the annual slowdown in the property market in the run up to Christmas. That slowdown was reflected in the 17% drop in the number of homebuyer registrations, 16% fall in new enquiry numbers and the 9% drop in offers made by buyers.

Chestertons’ Managing Director, Guy Gittins, told FT Adviser that the agency was delighted by the figures and the evidence that housing market demand had not been adversely affected by the COVID-19 second wave.

In releasing these figures, Chestertons stated that a 23% rise in agreed sales and 1% rise in viewings during October were further proof that prospective buyers were still very keen to get the home of their dreams.

Gittins went on to say that the main worry voiced by people had been about losing out on potential stamp duty savings instead of price drops, adding:

“Now the race is on to complete the sales of those properties currently under offer, before the end of the year or at least ahead of the stamp duty holiday deadline.”

Advisors will be using all of their CeMAP mortgage advisor training knowledge to ensure the deals are completed in time.