Property

Unrelenting buyer demand sees 54% drop in London sellers willing to reduce asking prices

Property Reporter
|
13th January 2022
For Sale 115

The number of prospective buyers enquiring about properties in the capital saw a 20% year-on-year rise during December. And whilst buyer demand remained high, the number of available properties on the market shrunk by 10%, creating a strong sellers’ market.

According to the latest data analysis from estate agency, Chestertons, due to the result of demand outstripping supply, 54% fewer sellers were willing to drop their asking prices with Zoopla confirming that the average price for a property in London stands at £681,427 as of January 2022.

Guy Gittins, CEO of Chestertons, says: “London’s property market cannot currently meet the demand from house hunters which, inevitably, has led to a very competitive market for buyers and rising prices. To secure their ideal property, buyers are advised to put themselves in the best possible position by having their finances and paperwork in place prior to starting their search as it will enable them to act fast.

“We expect the market to remain buoyant for at least the first quarter of 2022 as London is seeing the return of office workers, international students as well as Londoners who left the capital during the peak of the pandemic but are now seeking a return to the hustle and bustle of the city.”

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