Housing market activity in London bounces back as demand surges
Soaring demand in London is pushing up activity levels with the housing market seeing interest from would-be buyers, including property investors, rocketing, according to the latest report from Knight Frank.
The number of new prospective buyers registering with the company in London rose to its highest weekly total in more than 15 years in the second week of January as they look to capitalise on the certainty brought by December’s general election result.
Knight Frank does not reveal exact numbers but the figure was 92% higher than the same week last year and 95% up on the same period in 2018.
Christopher Burton, head of Knight Frank’s Dulwich office, commented: “The second half of last year was active as buyers ventured back into the market but interest has exploded at the start of this year.”
There are early indications that the relative political certainty provided by last month’s general election result is starting to boost activity in prime London markets, with the number of exchanges for existing properties increasing significantly.
Tom Bill, head of London residential research, said: “The reasons for this uptick include the relatively benign global economic backdrop, ultra-low mortgage rates, the currency discount and the fact prime residential markets have re-priced in response to political uncertainty and tax changes.
“The extent of the pent-up demand that has built over 2019 could also inject more urgency into the market.
“In the final quarter of last year, there were ten new buyers for every new property listed in prime central and outer London, the highest ratio in more than fifteen years.”