Agents hoping for a post-General Election ‘Boris bounce’ should be reassured by the latest results from central London estate agency Chestertons, which has reported an ‘unprecedented’ surge in activity following the New Year.
It may only be 22 working days since the Conservative won the election with an increased majority, and ten since the beginning of the year, but estate agency Chestertons says sales enquiries have increased by 76%, instructions by 20%, new buyer registrations by 15% and offers received by 43.7%.
The company’s CEO Guy Gittins (below) claims this sharp increase in buyer and seller activity is due to pent-up demand being released.
“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,” he says.
“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.”
Chestertons’ results reflects yesterday’s RICS housing report, which also recorded a 17% increase in buyer enquiries, more agreed sales including a 22% increase in London.
“Sales expectations for the next three months are also positive, for the third month running, with 31% of respondents anticipating transactions will rise,” said RICS Chief Economist Simon Rubinsohn.
Read more about the housing market.