The latest research from London lettings and estate agent, Benham and Reeves, reveals that one in five homes currently for sale in London have been added to the market within the last 30 days, as sellers respond to strong buyer demand.
Benham and Reeves has analysed current residential property listings in London and found that over a quarter of available properties (26.8%) have already been snapped up by buyers.
Demand is at its strongest in Bexley where almost half of all listed homes (47.8%) have already been sold, followed closely by Waltham Forest (46.7%), Havering (46.3%), Sutton (40.9%), and Bromley (40.3%).
Further analysis from Benham and Reeves reveals that sellers are responding to this strong seller demand, resulting in a vast influx of homes coming to the market in recent weeks.
Of the estimated 115,560 homes for-sale in London right now, one in five (19%) have been added to the market in the last 30 days – equivalent to 22,028 listings*.
Sutton has seen the biggest influx, with new listings accounting for almost a quarter (23%) of the market. Meanwhile, in Waltham Forest, Bromley, Richmond-upon-Thames, Havering, Kingston-upon-Thames, Southwark, Barking and Dagenham, and Wandsworth, 21% of all properties have come to the market in the last 30 days.
Marc von Grundherr, Director of Benham and Reeves, said:“London is often one of the slower markets to respond when conditions begin to improve, but we’re now seeing clear signs that momentum is building across the capital.
The combination of steady house prices, stronger wage growth, improved mortgage affordability and a more stable political backdrop following the Autumn Budget has helped restore confidence on both sides of the market. Buyers have remained active throughout, and sellers are now responding in greater numbers, encouraged by the fact that well-priced homes are continuing to secure interest at a healthy pace.
What’s particularly notable is that we’re seeing this renewed confidence spread across a broad range of boroughs, rather than being concentrated in just one or two pockets of the market. That suggests this isn’t simply a short-term flurry of activity, but the early signs of a wider return to form for London as we move through the year.”
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