Reflecting reports from all over the housing market, soaring demand from buyers in London has led Chestertons to its busiest July in five years, with double the number of buyers than July 2015 and 36% more than 2019.

Chestertons’ latest figures show that in July the company received 80% more website enquiries compared to last year, and a staggering 255% more than five years ago.

It also conducted 23% more viewings than last year (124% more than 2015); and received 36% more offers from buyers compared to 2019, up 56% on 2015.

It has also noted that the number of buyers pulling out of purchases has dropped dramatically as the competition for properties has become more intense.

Chestertons believes there are a number of different factors that have come together to encourage so many buyers into the market:

• The release of significant pent-up demand, which has built up over a number of years of economic and political uncertainty
• Prices in some locations are lower than they have been in five years
• The potential of a £15,000 saving on stamp duty
• Low mortgage interest rates
• A desire to move now, before a potential second lockdown, which would further delays their plans

Guy Gittins, Chestertons MD, commented:

“We have been genuinely surprised by the rate at which the London sales market has picked up since lock-down restrictions were relaxed in May, which culminated in our busiest July for over five years.

“I believe much of this is buyers taking advantage of the current prices, but also a long-overdue release of pent-up demand from buyers, some of whom have been waiting years for the ‘right time’ to find the ‘right house’ at the ‘right price’ and now believe that this is it.”

While buyers are plentiful, Chestertons notes that there is still a shortage of new properties coming onto the market, with only 5% more on the market than last year.

However, this may be set to change because in July it conducted 70% more market appraisals than last year for homeowners that have expressed an interest in selling their property over the coming months.