Record Sales in June Conclude Strongest-Ever First Half Year for London’s Property Market
According to Chestertons’ latest market analysis, the highest monthly sales numbers in the company’s history were recorded in June. This is due to a combination of buyers attempting to beat the Stamp Duty holiday taper deadline and a desire to move home before price growth further accelerates. Chestertons’ sales nearly tripled in June compared to May and the agency recorded an 82 per cent increase in exchanges compared to this year’s previous record month of March.
The first six months of 2021 saw the highest aggregate number of sales for any first half year period. Compared to H1 2020, the agency’s 31 offices witnessed new buyer registrations rise by 21 per cent, new instructions increase by 46 per cent, transaction volumes reach a 142 per cent uplift and offers being accepted rise by 41 per cent.
Cory Askew, Head of Sales, comments: “The year’s sales market has seen an incredibly busy first half, whereby demand was predominantly driven by the SDLT holiday extension and introduction of attractive mortgage packages. Although the end of the first taper of the SDLT holiday has passed, the market is still fueled by house hunters keen to find a new home as well as city workers who are returning in anticipation of offices reopening. The remainder of the year may be relatively more sedate but with a pipeline of forward deals that still remain at near record levels, we have every confidence the market will continue to thrive.”
Guy Gittins, CEO of Chestertons, adds: “Chestertons achieved a record monthly revenue in June and although the number of buyer enquiries remains at greatest levels annually and the volume of viewings is at a 5-year high, we are now entering a more balanced market. As a result, demand is currently met by supply and Chestertons brought 46 per cent more properties to the market compared to the same period last year. Due to the unusually high volume of properties available to buy, price inflation is likely to be kept at bay – at least until the end of the year.”