"Although I expect to see more properties coming onto the market, I don’t think it is likely that we will see any drastic price reductions over the next few months"
- Matt Thompson - Chestertons
Chestertons’ latest analysis reveals that the agency received 11% more enquiries from buyers and conducted 25% more viewings in September compared to August, suggesting that more buyers are returning to the market following the Bank of England’s decision to pause any further rate hikes.
Matt Thompson, head of sales at Chestertons, says: “With interest rates being held at 5.25% for the time being and positive inflation figures, house hunters are feeling more secure about making major financial decisions. As a result, many buyers who put their plans to buy on hold amid this year’s economic challenges have resumed their search.”
Chestertons’ September data also confirms that the agency saw 30% more homeowners wanting to put their property on the market compared to August, giving buyers a growing selection of properties to choose from.
On the news that London property prices have only seen an annual decline of 3.8%, according to the latest Nationwide figures, Thompson concludes: “Buyers are always looking for a bargain, but in reality, these are few and far between as property prices in London have plateaued rather than dropped significantly over the past year. Although I expect to see more properties coming onto the market, I don’t think it is likely that we will see any drastic price reductions over the next few months.”