Chestertons, one of London’s largest estate agents has reported that August was a record month for revenue – up 8% from August last year – driven largely by a leap in both sales and lettings activity in Prime Central London.
The company’s latest figures show that there were 75% more completed sales deals and 17% more new tenancies in Prime Central London compared to August last year.
Guy Gittins, Managing Director of Chestertons said, “2019 has so far been characterised by relatively stable prices, an increasingly favourable environment for foreign buyers and greater volumes of buyers and renters entering the London market, all of which have come together in August to help us complete a record number of deals.
“Although there is definitely a strong appetite from both buyers and renters in the capital, increased caution on both sides means that negotiations are taking longer and more work is required from agents to help secure deals and progress them through to completion. It is testament to the skill and experience of our team here that we are able to generate strong offers and then progress those through to completion.
“We continue to witness a lack of properties available for both sales and lettings and this could slowly starting to push prices up, a trend that we have already noticed in some in stances in Prime Central London. Yes, there is still uncertainty in the market due to Brexit, but a growing number of people seem to be prepared to overlook this and I’d expect to see the floodgates open should any clarity be achieved over the coming months.”
Cory Askew, Area Director for Central London, traces the jump in sales to the large volume of viewings that took place in May and June.
Askew said, “A lot of the deals that we saw coming through in August involved buyers that were viewing in May and June when we saw a lot of interest flooding the market, possibly as a result of Brexit being further delayed but almost certainly because of the advantages the weaker pound offered international buyers.”
Commenting on the continued strength of the lettings market in Prime Central London, Chestertons’ Central London Lettings director, Katinka Hill said, “Demand for rental property in central London has rarely been stronger but whereas previously it was driven by corporate relocations, we are now seeing a lot of international students that are attracted to the area’s reputation for safety and also to the fact that the current exchange rate make properties more affordable.”
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