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London property set for £52bn post-lockdown splurge as transactions stall

London property buyers could be set to spend £52bn once the lockdown is lifted due to huge pent-up demand as a result of coronavirus bringing the housing market to standstill.

The figure represents the potential spend for residential buyers and marks a 20% increase on the same time last year. It comes as the number of lost house sales in the capital continues to increase as a result of COVID-19, according to new figures from Knight Frank.

While one in five deals underway when the pandemic struck are still progressing, transaction numbers in the week ending 2 May were 54% below their five-year average.

However, data on new buyer registrations suggested that people are starting to prepare for life after the lockdown. In the week ending 28 March registrations were 77% below the five-year average for London. By 2 May this narrowed to a decline of 60%, while the number of new prospective buyers doubled over this period.

Meanwhile the number of online searches for sales properties in the capital was just 12% below the five-year average at the beginning of May, compared to a 42% decline in the first week of lockdown.

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