Published: 29/06/20212021 is set to be one of the busiest sales years in over a decade
Agents report the sales to stock ratio across London is at its highest level since the summer of 2016 (RICS). Across London the annual rate of housing stock turnover is 3%. The most active markets are currently Tower Hamlets, Greenwich, Bromley, Wandsworth and Lambeth.
Price growth strengthens
Month-on-month average property prices are rising in all regions of the UK. Although year-on-year price growth across London is marginally lower than the 4% recorded a year ago, double-digit annual price growth is currently evident in three areas in the capital. While a lack of supply has not been as pronounced in London as in other parts of the UK, there is clear evidence of rising demand.
A seller’s market
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property in London is 57 days.The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
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