More mixed messages from London as agents report contrasting figures

The London market continues to produce unexpected results with two high end agencies reporting contrasting fortunes. 

Half year figures released by Chestertons show the number of new buyers registering across Greater London rising 30 per cent year-on-year, with viewing numbers up 15 per cent and a 19 per cent uplift in agreed sales.

The company admits “a sustained period of price reductions throughout 2017.”

In Prime Central London this means values have fallen 10 per cent to 15 per cent from their peak three years ago.

However, in PCL areas now, the number of new buyers registering has shot up 44 per cent year-on-year and the number of viewings is up 24 per cent.

Managing director Guy Gittins says this improvement would have registered earlier this year had it not been for “longer conveyancing periods”.

Meanwhile Strutt & Parker says in PCL, transaction levels have seen an overall 4.4 per cent rise in the second quarter of this year compared to Q2 2017 - but that even this increase has masked significant variations.

The £2m to £5m and £5m-plus sectors experienced transaction falls of 12.0 per cent and 10.8 per cent respectively on the previous quarter. 

The agency says its transactions in PCL are dominated by the sub £2m bracket, accounting for around 70 per cent of deals. 

“Transaction volumes in the PCL market remain low, but we have seen a slight improvement in sales since 2016. We are seeing competitive bidding for some stand-out properties. Larger family homes that might have been on the market for 12 months already are now moving and being picked up by families who have sat on the fence since December 2014 when major stamp duty increases were imposed” says Charlie Willis, head of London residential agency at the company.