There has been a notable recovery in activity in prime areas of the capital following the first lockdown, according to Winkworth estate agents.
Figures contained within the company’s prime central London report revealed that sales and valuations in the third quarter of the year more than doubled on the second quarter, while instructions rose by 68% year-on-year. Meanwhile, exchanges were up by 192% in Q3, compared to the second quarter this year, which saw a 55% drop in transactions.
The report reveals that the average time between offer and completion was 113 days in Q3 this year, compared to 85 days during the same period last year – caused by the volume of sales, and conveyancing, local council searches and mortgage offers taking longer to process.
Josh Grinling, at Winkworth in Kensington, commented: “Solicitors are taking on too many sales/purchases, which is forcing them to leave new instructions gathering dust. We are seeing lots of examples of solicitors not looking at transactions until all the searches are in.”
The news of rising sales listings followed on from a report by Home.co.uk a week earlier, which found that London's sales stock levels have risen by 58% since May and, owing to a further record number of new listings in October - also a 13-year record total - “the capital's woes look set to worsen.”