London based estate agent, Chestertons, has reported that 2020 has got off to a flying start with enquiries, registrations and offers all significantly up compared to the same time last year.
The firm has also announced that the number of new properties coming onto the sales market has also increased, giving an encouraging sign that supply issues in London could be starting to ease.
In the 10 days following the 2 January, Chestertons reports that sales enquiries were up on last year by an impressive 76%, while new buyer registrations and the number of offers being made on properties were up 15.6% and 43.7% respectively. The number of new properties coming onto the market was also 20% higher than 2019.
Guy Gittins, Managing Director of Chestertons said, “As agents, we’re in a privileged position as we get to see data that is not readily available to the general public and allows us to get an early indication on what is happening in the market right now. For example, looking at the number of new applicants we are registering gives us a good indication of market sentiment and analysing the number of offers those prospective buyers are making show us their level of motivation.
“Looking back over many years of data, we’ve never seen such a sharp increase in buyer and seller activity, which is no doubt a result of the ‘pent-up demand’ that agents and other property commentators have been talking about for the past two years. We’re hopeful that this will result in more properties coming on to the market over the coming months, as the London market is dramatically under-supplied.”