‘Confidence returns to London property market’, Chestertons reports
Adam Jennings, of the London agency, says buyer enquiries in August were the highest in 10 months.
Chestertons has issued an update reporting that confidence is returning to London’s property market.
Buyer enquiries are improving year-on-year, more homeowners are coming to market, and wider economic indicators suggest growing optimism among consumers and businesses, the agency says.
The number of buyer enquiries in August was the highest in 10 months, and vendor instructions increased by 14% from last year, the London firm reports.
The housing market appears to have been buoyed by the so-called ‘Burnham bounce’, it says, a few weeks into Andy Burnham’s time as Prime Minister.
More importantly for the property market, there has been far less speculation about possible tax changes ahead of Chancellor John Healey’s Budget in October than in the run-up to the Budget last year, according to Chestertons.
Challenging few months
Adam Jennings, Head of Residential at Chestertons (pictured), says: “Months of rumours about potential tax changes, many of them related to property, impacted activity levels in the housing market last year, particularly in the Capital.
“After a challenging few months in London’s property market, greater clarity around the economic outlook is helping to support confidence among buyers and sellers.
“Combined with improving consumer sentiment and the renewed activity we are seeing across our London network, there are reasons to be optimistic about the market’s trajectory in the months ahead.”
