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Central London is experiencing extraordinary recovery says Chestertons, but will it spread?

Upmarket agency says prime central London has come back to life in recent months after surge in viewings during May and June.

Nigel Lewis

chestertons

Many agents outside the capital watch London to see how their markets may be fairing in six or 12 months’ time, and according to one PCL agency, business could soon be looking up.

Chestertons has called the bottom of the difficult central London housing market and claimed that its figures show a recent 75% uplift in sales and 17% increase in lettings within the capital’s gilded central neighbourhoods.

The company also says its revenues for August were a record for the 38-branch business, and 8% higher than a year ago.

Viewings surge

Chestertons says this dramatic increase in sales and lettings activity has funnelled through from a surge in viewings during May and June, helped by Brexit being put off until October and the weak pound.

“2019 has so far been characterised by relatively stable prices, an increasingly favourable environment for foreign buyers and greater volumes of buyers and renters entering the London market, all of which have come together in August to help us complete a record number of deals,” says its Managing Director Guy Gittins.

Guy Gittins - Chesterton - imageGittins (left) says some problems remain; negotiations are taking much longer to conclude and deals take much more work to get them over the line.

Despite the market’s promising revival, the company also says central London is labouring under a lack of properties for sale and to rent which, when the two things are put together, will begin to push up prices.

“Yes, there is still uncertainty in the market due to Brexit, but a growing number of people seem to be prepared to overlook this and I’d expect to see the floodgates open should any clarity be achieved over the coming months,” says Gittins.

September 5, 2019

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