Saturday, August 13, 2022
UK

Buyer enquiries in London see 57% uplift since May 2021

London

In London, which has seen the strongest inflation over the past decade, the average cost for property has reached $665,144.38

Buyer enquiries in the capital have seen a 57% uplift since May 2021, a clear sign of recovery in a market that was hammered by the pandemic.

However, the number of available properties to buy has declined by 14% during the same period and this continued imbalance between supply and demand will put further pressure on the capital’s housing market and property prices, warns estate agency, Chestertons.

Further evidence that house hunters will continue to see increasing property prices is the May house price index released by Halifax this month.

According to the index, UK house prices increased again in May, with the average now standing at £289,099 ($354,821.32). In London, which has seen the strongest inflation over the past decade, the average cost for property has reached £541,942 ($665,144.38).

Richard Davies, Managing Director of Chestertons, says: As the UK’s capital, London’s property market remains a hotspot and attracts a wide demographic of property buyers. Our branches receive enquiries from families, couples and investors but, particularly post-pandemic, we are seeing an uplift in the number of international students, international buyers as well as office workers who require a pied-à-terre closer to work.

Another contributing factor for the continuous growth in buyer demand, says Davies, are interest rates: With the Bank of England putting up interest rates more than once this year, many house hunters have established a stronger sense of urgency to buy before further rate hikes. Therefore, this month’s increase in the base rate would have driven buyer enquiries in May.

The London areas that have seen a particular increase in buyer enquiries last month compared to May 2021 are Tower Bridge, Islington, Hampstead and Westminster, says Chestertons.

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply