The figures show that the agency registered 36% more buyer enquiries and a 21% uplift in agreed sales, sustaining a strong sellers’ market. Spring, however, according to Chestertons, is expected to bring new opportunities for property buyers.
Based on the agency’s data analysis from the previous four years, spring typically sees an average 22% jump in properties being put on the market and a 17% increase in sales when comparing March/April to January/February.
Guy Gittins, CEO of Chestertons, says: “Historically, spring marks the beginning of increased market activity with a traditional surge in properties coming to market. We expect this to be the case again this year, particularly since strong demand from buyers is driving the capital’s average property price ever higher, making a transaction potentially more appealing for sellers.
"To date, 2022 has seen incredibly high demand from buyers, many of which are still part of the backlog whose efforts to find a home last year were delayed by the pandemic. More buyers rushed onto the market last month with the aim to lock into a fixed mortgage, ahead of the then anticipated increase in interest rates.
“London buyers are in dire need of more choice and, based on past evidence, we anticipate spring to deliver the required boost in properties coming onto the market,” Gittins adds. The areas of London that have seen the highest demand from buyers in February include Kensington, Tower Bridge, Battersea & Clapham and Kew.
Chestertons says that although the suburbs remain a popular choice, the volume of buyer enquiries for areas such as Richmond or Kew has remained at last year’s levels.
Gittins concludes: “If 2021 was defined by a race for space and people moving out to the suburbs, 2022 is seeing an absolute boomerang effect with house hunters rushing back into the capital; a change in buyer behaviour that has been accelerated by the return of office workers and international buyers.”
