The number of properties sold across the ‘prime’ areas of London since lockdown began is almost half the number sold in the same period last year, but is set to recover over the coming months according to new data obtained by Chestertons from LonRes.

The latest figures show that between 23rd March and 12th July, transactions were down 53% compared to 2019, but Chestertons believes this is reflective of the low activity levels during the first six weeks of lockdown and believes that activity recovered relatively quickly in May and June, which will convert into sales in July onwards.

This theory is supported by additional data from LonRes, which shows the number of properties going under offer in June recovered to within just 5% of levels seen a year ago.

Chestertons – which according to LonRes, has sold more properties in prime London than any other agent since lockdown – recently released its June figures which reported growing activity levels across London, with 46% more people registering to buy than in May and hopeful buyers making 27% more offers on properties.

These numbers are also up on last year, with 30% more buyers registering and 30% more offers being made than in June last year.

Guy Gittins, Managing Director of Chestertons, commented: “With the market effectively closed for new business for nearly two months, property sales figures dropped sharply in May and June.

“However, the market has been incredibly busy for the past eight weeks as foreign buyers return and sellers become more confident to offer their properties and we expect this to start showing in the transaction volumes from July onwards. “