Chestertons: London market is thawing as buyers and sellers return

Chestertons has reported an increase in buyer enquiries and listings as it heads into the traditionally busy spring market.

The London estate agency revealed it recorded a 22% monthly uplift in buyer enquiries in March, which it said suggests house hunters are regaining confidence and the property market is continuing to thaw. 

The agency also brought 30% more properties onto the market in March compared with February.

Matthew Thompson, head of sales at Chestertons, said: “We have seen house hunters pausing their search at the beginning of the year to review their finances amid rising living costs and interest rates. 

“Buyers are now being drawn back into the market by a larger choice of properties as well as more varied mortgage products. Last month, our branches registered more buyers who have a clearer picture of their budget and what they might or might not be willing to compromise on in order to secure a property.”
 
The increasing number of buyers who are ready to make an offer hasn’t gone unnoticed by homeowners, Thompson said, adding: “Due to the slow start to the market at the beginning of the year, we are also seeing a larger volume of sellers who are eager to secure a sale before summer.”

Chestertons currently has 17% more available properties on its books compared with March of last year. Areas that have seen the highest number of properties for sale last month include Canary Wharf, Battersea, Notting Hill and Putney.