Foxtons internal data lifts lid on company’s sales this year

London’s troubled sales market has turned a corner and is set to end the year on a high according to one prominent agency.

Foxtons internal data shows that buyer applicant levels have increased by 27 per cent between September and October, with this month also seeing 69 per cent more applicants versus October 2022, with this number expected to increase further by the end of the month.

Using longer term data the agency says Harrow has seen the sharpest return to form, with transaction levels up 43.4 per cent followed by Kensington and Chelsea and Redbridge (both 42.9 per cent).

Sellers are also returning to the fold, with the number of homes listed for sale hitting 101,457 in September of this year, marking a full return to pre-mini budget market conditions, with every borough seeing an increase in stock for sale versus the previous low seen in March of this year. 

Foxtons chief executive , Guy Gittins, comments: “There’s no doubt that the government’s mini budget caused an almost immediate decline in property market health and this impact reverberated across the entire country.

“This was no different across the London market, where months of otherwise steady momentum in stock levels and buyer activity were slowed by the uncertainty and market nervousness the mini budget brought.

“The good news is that we certainly seem to have turned a corner and across the capital, stock levels have returned to pre-mini budget norms.

“At Foxtons, we’ve seen a 26 per cent year on year increase in new sales instructions. … The data also suggests that the capital’s buyers have now emerged from their mini-budget boltholes in order to transact. 

“As a result, the market is largely expected to finish on a positive note by the end of the year and this growing market sentiment should only be strengthened by the Bank of England’s decision to freeze interest rates in September.”